1:10 stock split: This small-cap company fixed May 31, 2024, as record date, do you own it?
The company’s shares have delivered impressive multibagger returns of over 600 per cent to their shareholders.
Incorporated in 1970, Davangere Sugar is engaged in the business of sugar manufacturing (by-product molasses) from sugarcane and co-generation of electricity power. The company has made a significant announcement regarding the record date for the proposed stock split.
Record date for Stock Split:
The company has set Friday, May 31, 2024, as the record date for the purpose of subdivision of 1 Equity Share with a nominal value of Rs 10 (Rupees Ten only) each, fully paid up, into 10 Equity Shares with a nominal value of Rs 1 (Rupee one only) each, fully paid up. This subdivision was approved by the Equity Shareholders through an Extraordinary General Meeting held on May 15, 2024.
Also, read Under Rs 30: This company bagged an order worth Rs 3,50,00,000 on Saturday; Stock hits the upper circuit today with heavy volume!
Share Performance of Davangere Sugar
On Tuesday the company's stock closed at around Rs 102.23 per share on the BSE, with a market capitalisation of Rs 961.83 crore. Additionally, the stock has delivered a return of around 88 per cent in the past one year and 643 per cent in the past three years.
Financial Performance of Davangere Sugar
In FY23, Davangere Sugar reported revenue of Rs 280 crore, representing a year-on-year growth of 125 per cent from Rs 124 crore last year. The company posted an operating profit of Rs 56 crore, compared to a profit of Rs 34 crore last year. The company’s net profit stood at Rs 13 crore in FY23, compared to Rs 6 crore in FY22, representing a YoY gain of around 117 per cent. The company has not yet announced its Quarterly Results for Q4 FY24.
Investors must keep this Small-Cap multibagger stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.