This multibagger is locked in upper circuit, as company announces bonus shares along with excellent results

The company announced excellent results for six months which ended on September 30, 2022.

G M Polyplast, is a company engaged in the manufacturing of HIPS and ABS Sheets and importing premium and cheap quality scrap which is then converted into premium quality sheets and granules. The company announced excellent results for six months which ended on September 30, 2022. The company is focusing to make premium quality recycled Sheets and Granules by clearing plastic scrap.  

The shares of G M Polyplast have been locked in the upper circuit today at Rs 787.85 per share. In the past five trading sessions, the shares of G M Polyplast have zoomed by more than 21 per cent and on the one-month basis, it has soared by nearly 34 per cent. On YTD basis the stock has delivered a staggering return of 368 per cent.   

For the 6 months which ended on September 30, 2022, the company recorded a 45 per cent growth in revenue YoY, from Rs. 29.98 crores (H1FY22) to Rs. 43.45 crores (H1FY23). For the corressponding period, PAT rose 44 per cent, from Rs. 1.76 crores (H1FY22) to Rs. 2.53 crores (H1FY23).  

The board has further recommended the issue of bonus shares in the ratio of 6:1, that is 6 bonus equity shares for every 1 existing full paid-up equity share held. The board also approved constitution of Corporate Social Responsibility (CSR) committee.  

The company is focusing on making connections with importers and exporters across the world. G M Polyplast has diversified its product range by adding new PET Sheet line. Additionally, the company is developing its existing products by bringing in new colours and textured designs in plastic sheet. The company plans to massively increase export sales and create a brand image in the international markets.