Multibagger Penny Stock Under Rs 50 Jumps After Announcing Record Date For 2:5 Bonus Shares
The shares of the company saw a spurt in volume by more than 3 times on BSE.
On Friday, shares of Hardwyn India Ltd jumped 9.82 per cent to Rs 31.85 per share from its previous closing of Rs 29 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 shares of the company saw a spurt in volume by more than 3 times on BSE.
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 for bonus shares is fixed as Friday, December 27, 2024
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.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
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 6=50 per cent in 3 years and a whopping 6,270 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.