Multibagger small-cap stock announces bonus shares, hits upper circuit on March 13

The stock gave multibagger returns of 126 per cent from its 52-week low of Rs 270.05.

The benchmark indices concluded the trading day on Monday, down 1.52 per cent at a level of 58,237.85.  

Since a few days, all the indices have been extremely volatile, including the BSE Information Technology Index. The BSE IT Index fell 1.22 per cent in a single day and 3.21 per cent over the previous five trading sessions.  

Despite being a weak market today, one of the Top Gainers on BSE, shares of Magellanic Cloud Ltd surged and locked in a 5 per cent upper circuit to Rs 611.05 per share. The stock also traded at a new 52-week high of Rs 611.50 per share.  

In a recent press release, the Board of Directors of Magellanic Cloud announced bonus shares in the ratio of 4:1 as of the record date to its shareholders. The company has verified the record date as Wednesday, March 22, 2023.  

Magellanic Cloud Ltd provides its IT services in software development, consulting and human resource business solutions which are present in Europe, USA and Asia.   

This IT company has a market cap of Rs 1717 crore with 3 years CAGR of 175 per cent. Recently announnced quarterly numbers (Q3) showed a 2x increase in net sales and a 4x increase in net profits over the same quarter last year.  

The stock gave multibagger returns of 126 per cent from its 52-week low of Rs 270.05. Today, shares of this company also saw a spurt in volume by more than 2.80 times on BSE.  

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