Stock Split from Rs 5 to Rs 2 Tomorrow: Multibagger Stock Hit Upper Circuit & 52-Week High After Incorporation of New Subsidiary for Business Expansion
The stock gave multibagger returns of 185 per cent from its 52-week low of Rs 46.20 per share.
On Monday, shares of Shradha AI Technologies Limited hit a 10 per cent upper circuit and made a new 52-week high of Rs 131.67 per share from its previous closing of Rs 119.70 per share. The shares of the company saw a spurt in volume by more than 5.16 times on BSE.
Shradha AI Technologies Limited has announced the incorporation of a new subsidiary, Moodscope AI Private Limited. The company has acquired a 51 per cent stake in the newly formed entity, making it a subsidiary under the Companies Act, 2013. This strategic move aligns with Shradha AI's objective of expanding its business operations in the field of software design, development, and consulting. The acquisition was completed through a subscription to the Memorandum of Association of Moodscope AI Private Limited.
The newly incorporated subsidiary, Moodscope AI Private Limited, is focused on providing various software solutions, including designing, developing, customizing, and implementing software applications. The acquisition was made for Rs 5.10 lakh for 51,000 equity shares. This strategic move is expected to provide several benefits to Shradha AI Technologies Limited, including potential synergies, market expansion, and technological advancements. Further details regarding the specific advantages and benefits will be disclosed as they arise.
Shradha AI Technologies Limited (formerly known as Shradha Industries Limited) has announced a record date of Tuesday, December 10, 2024, to determine the eligibility of shareholders for the subdivision/split of existing Equity Shares with a face value of Rs 5 (Five) each, fully paid-up, into Equity Shares with a face value of Rs 2 (Rupees Two only) each, fully paid-up. This split aims to make the shares more affordable and increase liquidity in the market.
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Incorporated in 1990, Shraddha AI Technologies Ltd has been at the forefront of the Indian IT industry for over three decades. Initially known as Shraddha Industries Ltd, the company has evolved to become a leading provider of comprehensive IT solutions and services. Their core business areas include trading in computers, components, and peripherals, mobility products, and enterprise solutions.
Shraddha AI Technologies offers a wide range of services to cater to the diverse needs of its clients. From IT consulting to data analytics, the company provides expert solutions tailored to specific requirements. Their mobile app development services enable businesses to leverage the power of mobile technology, while their website development services help create engaging online presences. Additionally, their technical manpower supply services ensure clients have access to skilled IT professionals to meet their project needs.
The company has a market cap of Rs 321 crore with a PE of 24x, an ROE of 13 and an ROCE of 18 per cent. The has delivered good profit growth of 64 per cent CAGR over the last 5 years and has been maintaining a healthy dividend payout of 36 per cent. The stock gave multibagger returns of 185 per cent from its 52-week low of Rs 46.20 per share.
Disclaimer: The article is for informational purposes only and not investment advice.