Heavy buying witnessed: Keep a close eye on this multibagger stock which announced demerger
The scrip has given multibagger returns of more than 127Â per cent in just 1 year and more than 85Â per cent in just 6 months
Mahalaxmi Rubtech is a textile manufacturing company and a part of the Mahalaxmi Group of Industries. It is engaged in the manufacturing and marketing of products of traditional textile and technical textile. In 2008 it merged Mahalaxmi Fabric Mills Pvt Ltd started textile manufacturing and is also exporting its products.
On February 16, 2023, the company announced demerger of traditional textiles processing division and wind power division of the demerged company along with existing investment of the demerged company in its wholly owned subsidiary company namely Mahalaxmi Exports.
Also, the scheme of arrangement provides for demerger of trading textiles division of the demerged company and vesting the same into the second resulting company. Post demerger, rubber/ technical textiles division and weaving division shall be remaining business of the demerged company.
The company is embarking upon the agenda of rapid growth and development over the coming years with clear focus on its core business in three different verticals i.e. rubber /technical textiles division, traditional textiles processing division and trading textiles division. It is therefore decided to create a simpler group structure wherein emphasis will be on the growth of all three divisions through different verticals.
Post the announcement of the demerger news on the aforementioned date, the stock surged more than 9 per cent in just 5 trading sessions and hit a new 52 week high of Rs 308.40 apiece on February 21, 2023.
On February 24, shares of Mahalaxmi Rubtech witnessed some profit booking and traded and closed 1.81 per cent down at Rs 295.30. The scrip has given multibagger returns of more than 127 per cent in just 1 year and more than 85 per cent in just 6 months. Keep a close eye on this trending multibagger stock.
Related articles
-
700 per cent returns in just 1 year: This small-cap stock receives multiple orders worth Rs 16.80 crore!
-
52-week high alert: This multibagger smallcap stock zooms more than 8.5 per cent in today’s session!
-
52-week high alert- This multibagger stock has zoomed more than 300 per cent in just 3 months!
-
Net profitability of this multibager stock zooms more than 200 per cent!
-
This multibagger stock’s net profit zoomed more than 5700 per cent!
-
52-week high alert: This multibagger stock zooms more than 16 per cent in today’s session. Do you own it?
-
This multibagger stock surged more than 5 per cent in today’s session. Do you own it?
-
Multibagger stock below Rs 200: Don't miss a move in this stock that has a rights issue announced!
-
Stock below Rs 50: Keep an eye on this multi-bagger IT stock which gave a return of more than 1000 per cent
-
Keep an eye on this stock, which was locked in the upper circuit on December 08
-
Multi-bagger in just 1 month; Board is likely to announce bonus share soon!
-
From Rs 160 to Rs 827: This multi-bagger stock has gained over 392 per cent year to date; to pay 6:1 bonus share soon
-
Multibagger Penny Stock under Rs 100, This micro-cap company bagged orders worth more than its market capitalization; generated a multibagger return of 1070 per cent!
-
2,000 per cent return multibagger stock, company acquires 80 per cent stake in Switzerland based firm Von Roll Holding AG
-
1,125 per cent Return multibagger stock: Announced Stock Split in 1:2, Net Profit zooms by 168 per cent in June quarter
-
An investment of Rs 1 lakh has grown to Rs 28 lakhs, Stock trading in blue sky zone
-
350 Percent return multibagger stock: Board announced 1:4 bonus issue, Asset book of Rs 8,86,723 crore
-
Rs 325,00,00,000 Buy back announced by the company, Record date August 25, Stock surged by 5 per cent today
-
52-week high alert; no stopping for this small-cap electronic stock!
-
This small-cap construction company bags an order of Rs 2,450 crore, which is 69 per cent of its market capital