Multibagger from its 52-week low: Board announced bonus shares; Record date will be declared on February 10, 2024

From 195.10 per share to Rs 1,230 per share, the stock gave multibagger returns of 530 per cent from its 52-week low to Saturday’s closing price.

Eastern Logica Infoway Ltd has announced that its Board of Directors has approved bonus shares. The issuance of bonus shares will follow a 5:1 ratio, wherein shareholders will receive 5 fully paid-up equity shares for every 1 equity share held. The specific Record Date for this distribution will be determined by the board of directors after the approval of shareholders in a general meeting. The company will be holding a meeting of the Board of Directors on Saturday, February 10, 2024, to fix the record date for bonus shares.  

Founded in 1995, Eastern Logica Infoway Ltd sells laptops, mobiles, and other electronics as a distributor, dealer, and reseller through 13 retail stores, a network of 1200+ retailers, and online platforms. They offer products from over 40 brands including HP, Dell, Apple, and Samsung, and are an authorized Apple retailer for Kolkata and a direct partner for Oneplus and Nokia feature phones.

On Saturday, shares of Eastern Logica Infoway Ltd plunged 5.14 per cent to Rs 1,230 per share with an intraday high of Rs 1,290 and an intraday low of Rs 1,230. The stock’s 52-week high is Rs 1,444.95 and its 52-week low is Rs 195.10 per share.  

The company has a market cap of Rs 350 crore and reported positive numbers in its half-yearly results and annual results. From 195.10 per share to Rs 1,230 per share, the stock gave multibagger returns of 530 per cent from its 52-week low to Saturday’s closing price. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.