Multibagger in just 1 year, Board announced bonus shares and stock split!

Multibagger in just 1 year, Board announced bonus shares and stock split!

Kiran Shroff

The stock gave multibagger returns of 175 per cent in just 1 year and over 1,350 per cent in 3 years.

On Friday, one of the gainers on BSE, shares of Maan Aluminium Ltd gained 2.90 per cent to make a fresh new 52-week high of Rs 298.95 per share. At the closing bell, shares of the company ended the trading session in the green, up 1.21 per cent to Rs 321.65 per share.  

Maan Aluminium Ltd, engaged in the business of manufacturing & trading aluminium profiles, announced that the meeting of the Board of Directors of the Company was held on Friday, June 09, 2023, at 12.30 p.m. inter-alia considered and approved the following:

1. Considered and approved an increase in the authorized share capital of the company from Rs 15 crore, divided into 1.5 crore equity shares of Rs 10 each to Rs 30 crore, divided into 3 crore equity shares of Rs 10 each.

2. Alteration in the capital of the company by stock split/sub-division of 1 equity share of the company having a face value of Rs 10 each into 2 equity shares of the company having a face value of Rs 5 each.

3. The Board has recommended issuing 1 bonus share for every 1 equity share held by the equity shareholders of the company as on 'record date' by way of capitalization of free reserves subject to the approval of shareholders in the forthcoming AGM. The Company will inform in due course, the record date for determining shareholders entitled to receive bonus shares.

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Maan Aluminium Ltd reported excellent numbers in its Quarterly Results (Q4FY23) and annual results (FY23). The net sales increased by 103.78 per cent and net profit increased by 77 per cent in Q4FY23 over Q4FY22. The net sales increased by 42.21 per cent and the net profit skyrocketed by 127.34 per cent in FY23 over FY22. The stock has a PE of 8.70x and a ROE of 47.81 per cent.

The stock gave multibagger returns of 175 per cent in just 1 year and over 1,350 per cent in 3 years. Investors should keep an eye on this micro-cap stock.

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