1:5 bonus shares & Promoters sold 5,78,14,722 shares: Heavy buying in this penny stock at Rs 2.63 as it reports a turnaround net profit in FY24

The stock gave multibagger returns of 225 per cent in 3 years.

Jamnagar, Gujarat-based, Akshar Spintex Limited (ASL) was incorporated in June 2013. ASL manufactures carded, combed and compact cotton yarn of finer quality ranging between 16s to 44s counts. The company has a market cap of Rs 76 crore.

According to its Quarterly Results, the total increased by 7.5 per cent to Rs 4,883.88 lakh and net profit increased by 37.7 per cent to Rs 95.75 lakh in Q4FY24 compared to Q3FY24.  In its annual results, the net sales increased by 29.1 per cent to Rs 17,495.51 FY24 compared to FY23. The company reported a net profit of Rs 345.51 lakh in FY24 compared to a net loss of Rs 276.43 lakh in FY23, an increase of 225 per cent.

Earlier, Akshar Spintex Ltd partnered with Onix Renewable Limited to install a 7000 KVA capacity Solar Ground Mounted System with an 11KV transmission line, reflecting our commitment to sustainability by reducing our carbon footprint and promoting energy efficiency. Expected to be completed by September 2024, this project will generate annual cost savings of Rs 8-9 crore and additional benefits from government subsidies, solidifying our financial sustainability and environmental responsibility.

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Furthermore, the shares of the company ex-traded bonus shares in the ratio of 1:5 i.e., 1 new bonus equity share for every 5 existing fully paid-up equity shares of Rs 1 each, subject to approval by the members of the company. The ex-date for bonus shares was Thursday, February 08, 2024.

Today, shares of Akshar Spintex Ltd gained 4 per cent to an intraday high of Rs 2.63 per share from its previous closing of Rs 2.52. The stock’s 52-week high is Rs 7 and its 52-week low is Rs 2.10.

The promoters of the company sold 5,78,14,722 shares and decreased their stake to 12.04 per cent in March 2024 compared to December 2023 holding. The stock gave multibagger returns of 225 per cent in 3 years.  

Disclaimer: The article is for informational purposes only and not investment advice.