Bonus Candidate Alert: Multibagger small-cap stock likely to declare bonus shares, showcasing a breakout from a Cup and Handle pattern; noteworthy is its substantial reserve of Rs 1,958 crore!
The market landscape witnessed an extraordinary event last Monday, etching a significant entry into the record books. The anticipated upward trajectory of the Nifty following the BJP's electoral success was met with no surprise; however, the Bank Nifty's remarkably robust performance surpassed expectations. Opening higher, it not only sustained the initial surge but went on to accumulate an additional 1000+ points, creating a substantial gap.
Throughout the week, positive news flow contributed to the market's buoyancy. Crude prices saw a further decline, GDP numbers reflected solidity, the RBI maintained rates for the fifth consecutive time, and the RBI governor projected a 7 per cent growth. Additionally, U.S. markets displayed strength, SIP flows reached unprecedented levels (now at Rs 17,000 crore), and Foreign Portfolio Investors (FPIs) continued to be net buyers. This influx of positive developments provided ample momentum for the prevailing trends, culminating in the Nifty reaching a fresh record high by the end of the week.
Against this backdrop, the mining stock Sandur Manganese & Iron Ores exhibited an impressive surge of nearly 24 percent over the week, supported by robust trading volumes. Consequently, the stock marked a decisive breakout from an 86-week-long Cup and Handle pattern. Adding intrigue to this surge is the announcement of a Board of Directors meeting scheduled for Monday, 18 December 2023, at 10:30 am. The agenda includes discussions on various matters, notably the proposal for the issuance of bonus Shares to the equity shareholders of the Company.
In the past year, the stock has delivered remarkable returns, recording a surge of over 150 per cent. Notably, the company boasts reserves amounting to Rs 1,958 crore against an equity capital of Rs 27 crore. The forthcoming board meeting and the stock's recent performance make it a compelling entity to watch, as market participants await further developments in this dynamic scenario.
Disclaimer: The article is for informational purposes only and not investment advice.
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