Multibagger returns from its 52-week low; Board announces 1:1 bonus share

The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 1,230.05 per share and a whopping 380 per cent in 3 years.

Veljan Denison Limited informed that the Board of Directors of the company has approved bonus shares in the ratio of 1:1 i.e., 1 new fully paid-up equity share of Rs 10 each for every 1 existing fully paid-up equity share of Rs 10 each held as of record date. The company has fixed Saturday, May 25, 2024, as the record date for the bonus issue.

Today, the shares of Veljan Denison Limited gained 165.05 points or 4.25 per cent to Rs 4,050 per share from its previous closing of Rs 3,884.95 per share. The stock’s 52-week high is Rs 4,200 while its 52-week low is Rs 1,230.05. The shares of the company saw a spurt in volume by more than 1.5 times on BSE.

Veljan Denison Limited, founded in 1965, is a leading Indian manufacturer of pneumatic and hydraulic products for various industries like shipbuilding, energy, mobile equipment, and industrial applications. Their offerings include pumps (single, double, and drivetrain), motors, hydraulic valves (pressure controls, check valves, etc.), and hydraulic cylinders (HT, HR, HH series, etc.).

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They also manufacture marine equipment, power packs, folds, and gear pumps. The company has its manufacturing unit located in Patancheru, Hyderabad, and recently acquired M/s Adan Holdings Limited, the UK holding company of M/s Adan Limited, for further expansion.

The company has a market cap of over Rs 800 crore. The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 1,230.05 per share and a whopping 380 per cent in 3 years. Investors should keep an eye on this auto stock.

Disclaimer: The article is for informational purposes only and not investment advice.