Multibagger in just 6 months: Board announced bonus shares after stellar Q2FY24 & H1FY24 results; hit back-to-back upper circuits and 52-week highs!
The stock gave multibagger returns of over 100 per cent in just 6 months.
Paul Merchants Limited provides financial services. The company offers forex, international money transfer, petroleum products, tours, ticketing, telecommunication services, and business solutions. Paul Merchants serves customers in India. The company has a market cap of Rs 275 crore.
The Board of Directors of the company has considered, approved and recommended a bonus issue of 2 equity shares for every 1 existing equity share held by the shareholders of the company, for the approval of the shareholders of the company, on the ‘Record Date’ to be determined by the Board or its Committee authorized by it in this regard.
Earlier, the company announced stellar Quarterly Results (Q2FY24) and half-yearly results (H1FY24) for the fiscal year 2024. Here are the details:
According to the quarterly results, net sales increased by 4.4 per cent to Rs 1,839.25 crore and net profit increased by 21.4 per cent to Rs 14.53 crore in Q2FY24 compared to Q2FY23. According to the half-yearly results, net sales increased by 2.2 per cent to Rs 3,675 crore and net profit increased by 21 per cent to Rs 28.2 crore in H1FY24 compared to H1FY23. In its annual results, net sales increased by 30.7 per cent to Rs 7,010.9 crore and net profit increased by 10 per cent to Rs 44 crore in FY23 over FY22.
On Friday, shares of Paul Merchants Limited hit a 2 per cent upper circuit to Rs 2,682.05 per share from its previous closing of Rs 2,629.5. The stock also made a new 52-week high of Rs 2,682.05 per share with a spurt in volume by more than 5.9 times on BSE. In the recent trading sessions, the stock has been hitting back-to-back upper circuits and 52-week highs.
The stock gave multibagger returns of over 100 per cent in just 6 months. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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