Multibagger penny stock under Rs 100; Board likely to announce bonus shares!

The stock gave multibagger returns of 125 per cent in just 1 year whereas BSE Sensex Index is up by 11.28 per cent.

Advance Lifestyles Ltd informed that a meeting of the Board of Directors of the company is scheduled to be held on Friday, September 08, 2023, at shorter notice inter alia:

a) To consider and approve the adoption of a new set of Articles of Association (AoA) as per the provisions of the Companies Act, 2013.

b) To consider and approve amendments in the Memorandum of Association (MoA).

c) To consider and approve the issue of bonus shares by way of capitalization of reserves.

d) To consider and approve the appointment of a scrutinizer for the 34th Annual General Meeting (AGM).

Today, one of the Top Gainers on BSE, shares of Advance Lifestyles Ltd zoomed 5 per cent upper circuit to Rs 79.8 per share from its previous closing of Rs 76. The stock’s 52-week high is Rs 113 and its 52-week low is Rs 31.50.

Incorporated in 1988, Advance Lifestyles Limited (previously known as The Ahmedabad Advanced Mills Ltd.) is in the business of textile mills, trading of cloth and property construction. The company has a market cap of Rs 24. The company has a high level of promoter ownership, with the promoters holding 75 per cent of the shares. The public owns the remaining 25 per cent of the shares.

The stock is trading at 0.77 times its book value of Rs 99.3 The stock gave multibagger returns of 125 per cent in just 1 year whereas BSE Sensex Index is up by 11.28 per cent. Investors should keep an eye on this micro-cap stock.

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