Bonus Issue and Stock Split: Shares of this company soared 585 per cent in just 4 months! Do you own it?
The company has announced an 11:4 bonus share issue and a 1:10 stock split.
Massive losses in technology and metal stocks caused the Indian headline indices to close the session significantly lower. Except for BSE Fast Moving Consumer Goods (FMCG), that ended marginally higher, other sectoral indices ended in the red territory.
Rhetan TMT Ltd impressed investors with its strong price-volume breakout in such a sluggish market. Shares of Rhetan TMT Ltd have soared about 585 per cent in just four months, implying that an investment of Rs 1 lakh made in this stock 4 months ago would now be worth over Rs 6.85 lakh!
The stock was listed on exchanges in September 2022. Recently, the board of directors considered and approved the company's migration from the SME platform of the BSE to the main board of the BSE and the National Stock Exchange of India (NSE), subject to member, exchange and other statutory approvals.
The company has announced an 11:4 bonus share issue, through which eligible shareholders will get 11 shares of the company for every 4 shares held. It has also announced a 1:10 stock split.
Rhetan TMT Ltd, established in 1984, manufactures TMT bars and round bars, principally utilised in the construction industry. Its products have been used in the construction of dams, bridges, residential and commercial towers and key infrastructure projects throughout Gujarat.