Multibagger in just six months: Board announces bonus issue for first time; scrip hit back-to-back upper circuits and 52-week highs!

The stock gave multibagger returns of over 170 per cent in just six months.

On Friday, shares of Paul Merchants Limited hit a 2 per cent upper circuit to Rs 3,538.55 per share from its previous closing of Rs 3,469.20. The stock also made a new 52-week high of Rs 3,538.55 per share. In the recent trading sessions, the stock has been hitting back-to-back upper circuits and 52-week highs.

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. The company fixed the record date for bonus shares on Tuesday, December 19, 2023.

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.

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 364 crore.

The stock gave multibagger returns of over 170 per cent in just six months. Investors should keep an eye on this micro-cap stock.

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