Stock split and bonus issue: Do you own shares of this company that delivered 1,800 per cent returns in just six months?
An investment of Rs 1 lakh made in this stock would now be worth more than Rs 19 lakh!
Indian domestic indices opened flat but quickly started trading lower. While banking and financial services stocks attempted to boost the markets, almost all the sectors were trading lower, with BSE Auto bearing the brunt of the damage.
Despite the market's deterioration, some stocks maintained their steady upward trend. On an intraday basis on Friday, shares of Alstone Textiles soared and hit a new all-time high of Rs 300.45 per share on the BSE after being locked in the 5 per cent upper circuit, following the setting of the record date for the sub-division of equity shares and issuance of bonus equity shares.
The company has designated December 14, 2022, as the record date for the purposes of dividing equity shares with nominal values of Rs 10 each into 10 equity shares with nominal values of Re 1 and determining the eligibility of shareholders for the issuance of bonus equity shares of the company at a ratio of 9 equity shares of Re 1 each for every existing equity share of Re 1 each.
By hitting back-to-back upper circuits, the stock has skyrocketed over 1,800 per cent in just six months, implying that an investment of Rs 1 lakh made in this stock would now be worth more than Rs 19 lakh! It has attracted investors by soaring nearly 165 per cent in the last month.
Keep a close eye on this scrip for the upcoming sessions.