Multibagger stock under Rs 50; Board announced rights issue!
The stock gave multibagger returns of 230.11 per cent in just 3 years.
Udaipur Cement Works Limited, a leading company in the cement business announced that a meeting of the Rights Issue Committee of the Board will be held on Thursday, June 08, 2023, inter alia, to consider, discuss and decide various terms and conditions in connection with the rights issue and other related matters, including the specific terms of the rights issue, such as the determination of the rights issue price, rights issue size, rights entitlement ratio, record date and timing of the rights issue.
The Board of Directors of the Company dated May 17, 2022, where the issue of fully paid-up equity shares of the Company of the face value of Rs 4 each was approved by way of a rights issue to the eligible shareholders of the company for an amount not exceeding Rs 450 crore.
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Udaipur Cement Works Limited (UCWL) is a subsidiary of Indian Cement Manufacturing Company, JK Lakshmi Cement Limited, which is part of the reputed business conglomerate JK Organisation (JKO) that has a rich business legacy of types of cement. The shares of the company saw a spurt in volume by more than 4.92 times on BSE.
On Tuesday, shares of UCWL surged 4.13 per cent to Rs 30.25 per share with an intraday high of Rs 30.70 and an intraday low of Rs 29.25. The stock gave multibagger returns of 230.11 per cent in just 3 years.
UCWL has a market cap of 942 crore and delivered good profit growth of 22.7 per cent CAGR over the last 5 years. The company reported positive numbers in its Quarterly Results and annual results. Investors should keep an eye on this small-cap cement stock.