5:1 stock split: Penny stock under Rs 10 in green as company bags new order worth USD 35 million from Bloomflora Ventures Ltd
FIIs bought 3,19,378 shares and increased their stake to 0.02 per cent in June 2024 compared to Nil shareholding in March 2024.
Filatex Fashion Limited's mining subsidiary, Filatex Mines and Minerals Private Limited has secured its inaugural export order valued at USD 35 million from Bloomflora Ventures Limited, an international company engaged in hospital development. The order entails the supply of 2,97,388 metric tonnes of white marble over 7 years for the construction of 54 hospitals in Africa. This international contract represents a significant milestone for Filatex Mines and Minerals, marking its entry into the global market.
Earlier, the Board approved a stock split / sub-division of the company's equity shares (5:1 ratio) from a face value of Rs 5 per share to Re 1 per share, complying with the provisions of Section 61(1)(d) of the Companies Act, 2013 and other applicable regulations. The Board fixed the record date for the stock split as Friday, August 09, 2024.
Filatex Fashions Ltd, a sock manufacturer founded in 1995, offers a range of luxury socks (Tuscany), business and casual wear socks (Smart Man), and sells a wider variety of designer wear (including handbags and backpacks) through their online store Vogue4all.com. The company has a strong reputation for quality, having supplied socks to major fashion brands like FILA, Adidas, and Disney, and is currently recognized as a small enterprise by the Indian government.
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The company has a market cap of Rs 1,200 crore and has delivered good profit growth of 96.6 per cent CAGR over the last 5 years. According to Quarterly Results (Q4FY24) and annual results (FY24), the company reported positive numbers and the stock is trading at 0.48 times its book value of 13.8.
On Tuesday, the shares of Filatex Fashions Ltd gained 0.81 per cent to Rs 7.43 per share with an intraday high is Rs 7.87 and an intraday low is Rs 7.37. The stock’s 52-week high is Rs 21.50 and its 52-week low is Rs 6.44. The shares of the company saw a spurt in volume by more than 2 times on BSE. FIIs bought 3,19,378 shares and increased their stake to 0.02 per cent in June 2024 compared to Nil shareholding in March 2024. The stock gave multibagger returns of 165 per cent in 3 years. Investors should keep this penny stock under watchlist.
Disclaimer: The article is for informational purposes only and not investment advice.
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