Multibagger Penny Stock Under Rs 50 In Focus As Company Announces 2:5 Bonus Shares & Increase Authorised Share Capital
The stock gave multibagger returns of 610 per cent in 3 years and a whopping 5,784 per cent since its listing.
On Thursday, shares of Hardwyn India Ltd gained 0.96 per cent to Rs 29.42 per share from its previous closing of Rs 29.14 per share. The stock's 52-week high is Rs 51.77 per share and its 52-week low is Rs 26.10 per share.
The Board of Directors of the Company approved the issuance of 13,95,52,587 bonus equity shares in a 2:5 ratio to existing shareholders. This translates to two new fully paid-up equity shares for every five existing shares held on the record date. The record date will be announced in due course.
During the 7th Annual General Meeting held on December 18, 2024, the Company is pleased to announce that its shareholders approved a significant corporate action. This approval pertains to an increase in the Company's authorized share capital. The authorised share capital will be elevated from Rs. 35,10,00,000 to Rs. 50,00,00,000, involving an increase of 14,90,00,000 equity shares, each having a face value of Re. 1. This capital increase will facilitate the issuance of bonus shares to the existing shareholders.
The Company will amend its Memorandum of Association to accommodate the issuance of bonus shares. Specifically, Clause V of the MOA will be replaced with a new clause stipulating the increased authorized share capital of Rs. 50,00,00,000. This revised clause empowers the Board of Directors to classify and reclassify shares, increase or decrease capital, divide shares into different classes, and attach specific rights, privileges, or conditions to these shares. Furthermore, the Board will have the authority to consolidate or subdivide shares and issue shares of higher or lower denominations, subject to the provisions of the Company's Articles of Association and applicable laws.
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Earlier, the company recently signed a Memorandum of Understanding (MOU) with The Gyalsung Infra, a prominent construction company in Bhutan. This strategic partnership will see Hardwyn India Ltd. supply a wide range of products for various renovation and construction projects undertaken by The Gyalsung Infra over the next two years. This collaboration is expected to be worth approximately Rs 5 crore. This MOU marks a significant milestone for Hardwyn India Ltd., as it allows the company to tap into the burgeoning Bhutanese market. By providing high-quality products and solutions, Hardwyn India Ltd. aims to contribute to the development and modernization of Bhutan's infrastructure. This partnership aligns with the company's vision of becoming a global leader in the hardware industry and underscores its commitment to delivering exceptional value to its customers.
About the Company
Hardwyn India Ltd, listed on both BSE and NSE, specializes in manufacturing architectural hardware and glass fittings for residential and commercial structures, providing comprehensive solutions. The company boasts a market capitalization of over Rs 1,000 crore.
According to Quarterly Results, the net sales increased by 62 per cent to Rs 51.65 crore and net profit increased by 201 per cent to Rs 4.04 crore in Q2FY25 compared to Q2FY24. In its half-yearly results, the net sales increased by 35 per cent to Rs 92.57 crore and net profit increased by 108 per cent to Rs 5.38 crore in H1FY25 compared to H1FY24.
The stock gave multibagger returns of 610 per cent in 3 years and a whopping 5,784 per cent since its listing. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.