Multibagger penny stock at Rs 80.07 hit upper circuit & 52-week high; Board likely to announce bonus shares!

The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 32.02 per share.

Indo Cotspin Ltd informed that the meeting of the Board of Directors of the company is scheduled to be held on Friday, July 12, 2024, at the registered office of the company situated at Delhi Milestone 78 K.M, G.T Road, Village Jhattipur Samalkha, Panipat, Haryana-132103 India inter alia, to consider and approve the following matter(s):

1. To consider, approve, and take on record the standalone unaudited financial results along with the limited review report of the company for the quarter ended June 30, 2024.

2. To consider a proposal for an increase in the authorized capital of the company and subsequent alteration to the Memorandum of Association of the company.

3. To recommend and approve the issue of bonus shares to the equity shareholders of the company. 

4. To consider any other matter with the permission of the chair as the board thinks fit or which is incidental and ancillary to the business of the company.

Also Read: 3:1 Bonus Share: Suzlon’s peer company turns debt-free with infusion of Rs 900 crore by promoter; details inside

About the Company

Indo Cotspin Ltd, established in 1995, is a textile manufacturer and trader specializing in non-woven fabrics and tufted carpets. They offer a wide range of products for homes and businesses, including plain, printed, felt, and designer carpets, along with hand-tufted shaggy and woollen options. They also produce doormats and non-woven geotextiles. To ensure high-quality products, they import a small portion of their materials, including latex chemicals, textiles, and stock lots, accounting for roughly 6.7% of their total material usage.

Today, shares of Indo Cotspin Ltd hit 20 per cent upper circuit to Rs 80.07 from its previous closing of Rs 66.73 per share. The stock also made a fresh new 52-week high of Rs 80.07 while its 52-week low is Rs 32.02. The company has a market cap of over Rs 03 crore. The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 32.02 per share. Investors should keep an eye on this micro-cap stock.

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