770 per cent multibagger returns and FIIs & DIIs increase stake: Board announced bonus share in ratio 5:1
The stock gave multibagger returns of 244 per cent in just 1 year and a whopping 770 per cent in 3 years.
Today, shares of Sandur Manganese & Iron Ores Ltd plunged 0.28 per share from its previous closing of Rs 3,088.55 to Rs 3,080 per share with an intraday high of Rs 3,169.85 and an intraday low of Rs 3,001.95. The stock’s 52-week high is Rs 3,258 and its 52-week low is Rs 852.20. The shares of the company saw a spurt in volume by more than 1.50 times on BSE.
The Board of Directors of the company announced first ever bonus shares in the ratio of 5:1 i.e., 5 new fully paid-up equity shares of Rs 10 each for every 1 existing fully paid-up equity share of Rs 10 each held by the eligible equity shareholders of the company as on the record date. The company fixed the record date for bonus shares as Friday, February 02, 2024.
The BSE & NSE have granted in-principle approval for the issue and proposed allotment of not exceeding 13,50,29,115 bonus equity shares of Rs 10 each in the ratio of 5 (Five) new equity share for every 1 existing equity shares held in the company.
Sandur Manganese & Iron Ores (SMIORE) is involved in the mining of low-phosphorous manganese and iron ore in the Hospet-Ballari region of Karnataka. The company has a market cap of over Rs 8,300 crore and a 3-year stock price CAGR of 100 per cent. Furthermore, the company reported positive numbers in its Quarterly Results & annual results and has a good return on equity (ROE) track record: 3 Years ROE 27 per cent.
In December 2023, FIIs increased their stake to 0.43 per cent and DIIs increased their stake to 1.26 per cent compared to 0.33 per cent and 0.64 per cent respectively, in September 2023 holding.
The shares of the company have a PE of 24x, an ROE of 15 per cent and a ROCE of 18 per cent. The stock gave multibagger returns of 244 per cent in just 1 year and a whopping 770 per cent in 3 years. Investors should keep an eye on this Small-Cap stock.
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