Stock under Rs 50: Shares of this company hit back-to-back upper circuit as it is likely to announce bonus shares soon!

Talking about the price performance of the stock in the last one month, it has gained 126 per cent and in the last three months

Globe Commercials has a market cap of Rs 10.3 crore and the company is in a well-diversified business. It is currently carrying the following business: Business of buyers, sellers, distributors, stockiest, agents, brokers, commission agents etc, in sanitary ware, cotton, jute, oils, rubbers, grains, seeds, vegetable products and other commodities related to steel and cast-iron types. Furthermore, it is into financing industrial companies and commercial and other enterprises, but not carrying on the business under the Banking Regulation Act, of 1959. The company also has a real estate business required for manufacturing, processing, transportation and trading business and other commercial and services business.   

The stock hit a back-to-back upper circuit on Thursday and Friday and it ended the week above Rs 34. The book value of the stock stands at Rs 27.1, while the current market price is Rs 34. The stock trades at a price-to-book value of 1.26.   

Recently, the company made an announcement which has propelled the stock price northwards. In a recent press release, the company mentioned that the meeting of the Board of Directors is scheduled to be held on December 14 to consider and recommend the issue of bonus shares.   

Talking about the price performance of the stock in the last one month, it has gained 126 per cent and in the last three months it has jumped a whopping 205.80 per cent, as a result, it has turned multibagger.   

What’s your opinion? Would the stock continue to hit the upper circuit? Let us know in the comment section.