2:1 Bonus Share & 10:1 Stock Split in FY24: Multibagger penny stock under Rs 10; Board likely to raise funds via preferential issue of shares!
The stock gave multibagger returns of 130 per cent in just 1 year.
Sarveshwar Foods Limited has announced that its Board of Directors will meet on August 13, 2024, to consider and approve the unaudited financial results for the quarter ended June 30, 2024. Additionally, the board will evaluate proposals for raising funds through various instruments, including equity shares, convertible securities, or debt securities. The company will also seek necessary approvals from shareholders and regulatory authorities. In line with its code of conduct for preventing insider trading, the company has declared a trading window closure period starting 48 hours after the results are made public on August 13, 2024.
Today, shares of Sarveshwar Foods Ltd plunged 0.80 per cent to Rs 8.83 per share from its previous closing of Rs 8.90 with an intraday high of Rs 9.20 and an intraday low of Rs 8.80. The stock’s 52-week high is Rs 15.73 and its 52-week low is Rs 3.64.
For over 130 years, Sarveshwar Foods Limited (SFL) in Jammu & Kashmir has been a leading name in rice cultivation, processing, and trade. They handle both Basmati and non-Basmati varieties for domestic and international markets. Himalayan snowmelt nourishes their crops alongside organic manure, reflecting their commitment to sustainable practices. This dedication to eco-friendly methods extends to their ‘NIMBARK’ brand of organic products, which embodies their philosophy of promoting a ‘SATVIK’ lifestyle focused on conscious living. Notably, SFL holds a significant achievement as the first private-sector food company in Jammu & Kashmir to be listed on both the National Stock Exchange (SARVESHWAR) and the Bombay Stock Exchange (543688).
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The company has a market cap of over Rs 800 crore with a 3-year CAGR of 114 per cent. According to Quarterly Results, the net sales increased by 90.5 per cent to Rs 247.32 crore and net profit increased by 146.2 per cent to Rs 4.61 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 26.2 per cent to Rs 869.59 crore and net profit increased by 119.2 per cent to Rs 17.34 crore in FY24 compared to FY23.
The company's shares have ex-traded bonus shares and stock split in the financial year 2023 – 2024, i.e., 2:1 bonus shares and stock split from a face value of Rs 10 to Rs 1. The stock gave multibagger returns of 130 per cent in just 1 year. From Re 0.67 to Rs 9.20 per share (intraday high), the stock gave multibagger returns of over 1,270 per cent in 3 years. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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