7,000 per cent returns: Ashish Kacholia-backed multibagger forging stock hit all-time high; Board likely to raise funds via preferential issue!
The stock gave multibagger returns of 177 per cent from its 52-week low is Rs 154.55 per share.
Balu Forge Industries Ltd (BFIL) informed that the meeting of the Board of Directors of our company is scheduled to be held on Tuesday, July 16, 2024, to consider and approve amongst other business matters:
- The proposal for fundraising by way of preferential issue / private placement of securities for cash, including determination of issue price subject to such regulatory/statutory approvals as may be required, including the approval of shareholders of the company.
- To transact other incidental and ancillary matters as may be decided by the Board with the permission of the chairperson.
Today, shares of Balu Forge Industries Ltd (BFIL) gained 2.85 per cent to an intraday high of Rs 428.65 per share from its previous closing of Rs 416.75 per share. The stock also made a fresh new 52-week high of Rs 428.65 per share. The stock gave multibagger returns of 177 per cent from its 52-week low is Rs 154.55 per share.
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About the Company
Balu Forge Industries Ltd. (BFIL), established in 1989, is a leading manufacturer of precision-engineered forged components, including crankshafts, catering to a wide range of industries like automobiles, defence, railways and even the new energy sector. Not only do they adhere to the latest emission regulations and produce components for new energy vehicles, but they are also actively researching new materials for lighter and more advanced components. BFIL has grown into a prominent player with over 1,000 employees, a global export network reaching over 80 countries, and a trusted supplier to more than 25 original equipment manufacturers (OEMs). Their recent expansion includes cutting-edge production lines and a focus on R&D in alloy development, solidifying their position as a leader in high-end forging and a supplier of critical components across the globe.
According to Quarterly Results, the net sales increased by 64.5 per cent to Rs 147.08 crore and net profit skyrocketed by 122.3 per cent to Rs 25.45 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 14.2 per cent to Rs 326.64 crore and net profit increased by 30.4 per cent to Rs 38.91 crore in FY24 compared to FY23.
The company has a market capitalization of over Rs 4,300 crore and the shares of the company have an ROE of 22 per cent & an ROCE of 27 per cent. According to the shareholding pattern, Ashish Kacholia owns 21,90,500 shares or 2.14 per cent stake in the company as of June 2024. The stock gave multibagger returns of 140 per cent in just 1 year and a whopping 5,945 per cent in a decade. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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