Multibagger penny stock under Rs 70 hit 52-week high today: Board announces 10:1 stock split; Check record date inside
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 32.20 per share and a whopping 650 per cent in 3 years.
Today, shares of NHC Foods Ltd gained 9.02 per cent to an intraday high of Rs 67.80 from its previous closing of Rs 62.19 per share. The stock also made a fresh new 52-week high of Rs 67.80 while its 52-week low is Rs 32.20. The company has a market cap of Rs 76 crore. The shares of the company saw a spurt in volume by more than 2 times on BSE.
NHC Foods Ltd is undergoing a stock split where each existing equity share with a face value of Rs 10 will be subdivided into 10 shares with a face value of Re 1 each. This means shareholders will receive 10 new shares for every 1 share they currently hold. The new shares will have the same rights as the existing ones (pari passu). The split was approved by shareholders through a postal ballot on June 30, 2024, and the record date to determine who is eligible for the split shares is set for Monday, July 22, 2024. After the split, the total number of outstanding shares will increase to 1,85,50,000 with a face value of Re 1 each.
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NHC Foods Ltd, established in 1960, is a manufacturer and exporter of whole and blended spices. They are ISO and HACCP certified, supplying ground spices and blends to major multinational food companies and fast-food chains worldwide. NHC Foods also has its packaging unit that customizes flexible packaging for clients. They employ a strategic stock and sale approach for specific spices and grains, buying large quantities at low prices during peak seasons and selling them during off-seasons. Recently, they've expanded their grain offerings by adding rice alongside existing low-cost, high-margin products like maize and wheat.
The promoter of the company sold 1,69,500 shares and decreased the total promoters holding to 40.82 per cent in March 2024 compared to 42.25 per cent in March 2023. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 32.20 per share and a whopping 650 per cent in 3 years. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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