1:150 bonus share record date announced: Debt-free penny stock under 2 locked in upper circuit with 2 times spurt in volume!
The shares of the company saw a spurt in volume by more than 2 times on BSE.
On Friday, shares of IFL Enterprises Ltd were locked in a 2 per cent upper circuit to Rs 1.19 per share from its previous closing of Rs 1.17 per share. The shares of the company saw a spurt in volume by more than 2 times on BSE.
The company's Board of Directors has declared a bonus issue of equity shares in a ratio of 1:150. This means shareholders will receive one new equity share of Re 1 for every 150 existing equity shares held on the record date. The Board fixed the record date for bonus shares as Saturday, September 21, 2024 and the ex-date for bonus shares will be Friday, September 20, 2024.
IFL Enterprises Ltd, founded in 2009, is an Indian company that deals in two main areas: trading financial instruments like shares, stocks, and bonds, and trading various paper and stationery products. They offer a wide range of paper items including writing paper, coated paper, different paper sizes, copier paper, duplex board, art and craft paper and notebooks.
IFL Enterprises Limited has achieved a significant milestone with its subsidiary, Yamunashtakam Tradeventures Private Limited, securing a substantial contract worth Rs 61.43 crores from Reliance Industries Limited. This contract entails supplying construction materials for their Jamnagar plant, marking a new partnership between the two companies. IFL Enterprises anticipates securing additional orders from Reliance in the upcoming quarter, which is expected to boost revenue growth and strengthen its market position. This achievement highlights the company's dedication to providing high-quality services and its strategic focus on expanding its client base within the industrial sector.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Furthermore, IFL Enterprises' promoter, Mr Nishant Subhash Chandra Gandhi, has recently acquired 12,60,000 shares through open market transactions, demonstrating his confidence in the company's future. The company is also expanding its operations into international trading of agro commodities, gemstones, and precious metals through its Dubai-based subsidiary. This strategic expansion aims to capitalize on global market opportunities and diversify the company's revenue streams. Notably, IFL Enterprises has successfully cleared all outstanding debts, solidifying its financial stability and positioning itself for sustainable growth.
According to Quarterly Results, the net sales increased by 670 per cent to Rs 15.30 crore in Q1FY25 compared to net sales of Rs 1.99 crore in Q4FY24. The company reported a net profit of Rs 0.03 crore in Q1FY25 compared to a net loss of Rs 0.68 crore in Q4FY24. IFL Enterprises has a market cap of Rs 88.70 crore and the stock gave multibagger returns of 125 per cent in 3 years & a whopping 377 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: Rs 13,018 crore order book: India's largest EV Charging solutions provider signs a MoU with Tata Motors Ltd