The mirage of a 7-minute turnaround in this multibagger stock; Board announces 6:1 bonus share; rockets 3,000 per cent in 1 year!
The stock gave multibagger returns of 1,700 per cent in just 6 months and a whopping 3,000 per cent in 1 year.
Kesar India Ltd, established in 2002, is a real estate development company focusing on luxury and leisure residential and commercial projects. They have constructed various projects under the brand name "Kesar Lands", including Kesar Getaway, Kesar 29, Kesar Signature, and Kesar Imperial, and are certified by ISO-9001:2008 and various industry associations.
The Board of Directors of the company announced bonus shares in the ratio 6:1 i.e., issuance of bonus equity shares in the proportion of 6 (Six) equity shares having a face value of Rs 10 each for every 1 (One) existing equity share of Rs 10 each, subject to the approval of shareholders which is being obtained through Extra-Ordinary General Meeting. The Board fixed the record date for bonus shares as Tuesday, March 19, 2024.
Kesar India Ltd.'s stock price experienced a rollercoaster ride today. After an initial surge of 5 per cent to a new 52-week high of Rs 4,319.85 per share, the stock became locked in the upper limit for trading. However, within a short period (between 9:41 am and 9:48 am), the momentum reversed, and the stock hit the 5 per cent lower circuit, ending the day down at Rs 3,908.55 per share. Despite the decline, trading volume increased significantly by over 1.35 times on the Bombay Stock Exchange.
The company have a market cap of Rs 1,387.87 crore and debt is Rs 1.62 crore. According to Quarterly Results, the net sales increased by 2,366 per cent to Rs 18.50 crore and net profit increased by 537 per cent to Rs 5.25 crore in Q3FY24 over Q3FY23. In its annual results, the net sales increased by 625 per cent to Rs 8.41 crore and net profit increased by 36,200 per cent to Rs 3.63 crore in FY23 compared to FY22.
The stock gave multibagger returns of 1,700 per cent in just 6 months and a whopping 3,000 per cent in 1 year. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ’s 'Multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.