Multibagger returns from its 52-week low; Board likely to announce bonus shares!

The stock gave multibagger returns of over 140 per cent from its 52-week low of Rs 1,183 per share and a whopping 310 per cent in 3 years.

Veljan Denison Limited informed that the Board of Directors of the company is scheduled to be held on Saturday, March 23, 2024, to consider, inter-alia the proposal for the issue of bonus shares to the equity shareholders of the company.

Today, the shares of Veljan Denison Limited gained 460.10 points or 19.25 per cent to Rs 2,850 per share from its previous closing of Rs 2,389.90 per share. The stock’s 52-week high is Rs 2,900 while its 52-week low is Rs 1,183. The shares of the company saw a spurt in volume by more than 11 times on BSE.

Veljan Denison Limited, founded in 1965, is a leading Indian manufacturer of pneumatic and hydraulic products for various industries like shipbuilding, energy, mobile equipment, and industrial applications. Their offerings include pumps (single, double, and drivetrain), motors, hydraulic valves (pressure controls, check valves, etc.), and hydraulic cylinders (HT, HR, HH series, etc.).

They also manufacture marine equipment, power packs, folds, and gear pumps. The company has its manufacturing unit located in Patancheru, Hyderabad, and recently acquired M/s Adan Holdings Limited, the UK holding company of M/s Adan Limited, for further expansion.

The company has a market cap of over Rs 600 crore. The stock gave multibagger returns of over 140 per cent from its 52-week low of Rs 1,183 per share and a whopping 310 per cent in 3 years. Investors should keep an eye on this auto stock.

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