Multibagger penny stock at Rs 3.80; Board likely to announce bonus shares & business expansion after 10:1 stock split
The shares of the company saw a spurt in volume by more than 2.49 times on BSE.
Franklin Industries Ltd informed that a meeting of the Board of Directors of the company is scheduled to be held on Wednesday, July 17, 2024, at the registered office of the Company, inter-alia to consider the following matters:
- To consider and approve the unaudited financial results along with the limited review report for the quarter ended as of July 30, 2024.
- To consider the proposal for the declaration of bonus shares.
- To discuss the business expansion plan.
- To approve draft notice of the Annual General Meeting and to decide the date, time and venue of the Annual General Meeting and matters incidental thereto.
- To increase in authorised share capital of the company.
- Any other matter with the approval of the chair.
After rising nearly 800 per cent over the period of 12 months, shares of Franklin Industries Ltd are undergoing a correction and have hit the lower circuit for the 32nd straight day. Today, shares of Franklin Industries Ltd plunged 5 per cent to Rs 3.80 per share from its previous closing of Rs 4. The 52-week high of the stock is Rs 8.26 and the 52-week low of Rs 0.70. The shares of the company saw a spurt in volume by more than 2.49 times on BSE.
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stock split Update: The shares of the company ex-traded stock split/sub-division of 1 equity share of the face value of Rs 10 each fully paid up into 1 equity share of Rs 1 each fully paid up, resulting in the issuance of 10 equity shares of Rs 1 each fully paid up, thereby keeping the paid-up capital intact. The stock split is to improve the liquidity of the company's equity shares in the stock market and to make the shares more affordable to small investors. The ex-date for the stock split was Thursday, January 11, 2023.
Franklin Industries Limited provides financial services. The company offers real estate services, as well as trading of various commodities, equities, gems, jewellery and textiles. Franklin Industries serves customers in India. The stock gave multibagger returns of over 400 per cent in just 1 year whereas BSE Sensex is up by 23.1 per cent.
The company has a market cap of Rs 55 crore. The shares of the company have a PE of 6x whereas the industry PE is 36x with an ROE of 112 per cent and an ROCE of 120 per cent. As of March 2024, the promoters in the company own a 0.02 per cent stake while the rest 99.98 per cent stake is owned by the public.
Disclaimer: The article is for informational purposes only and not investment advice.
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