1,400 per cent returns: Board announced bonus shares; reports 320 per cent increase in net sales!

Shares of this company have gained more than 15 per cent in the last six months.

Axita Cotton Limited has announced a bonus issue of equity shares. And it has also announced its record date for issuing bonus shares. On Monday, December 25th, 2023, shareholders who own the company's stock will be eligible to receive one new bonus share for every three existing shares they hold. This is subject to shareholder approval at an upcoming Extra Ordinary General Meeting on Saturday, December 16th, 2023.

In simpler terms, if you own Axita Cotton shares on December 25th, you'll receive one additional share for every three shares you already own, as long as shareholders formally approve the bonus issue at the December 16th meeting.

The company posted robust results in Q2FY24. The revenue of the company stood at Rs 388.78 crore which grew by 324.23 per cent YoY. The operating profit of the company stood at Rs 152.87 crore, while the PAT of the company stood at Rs 6.51 crore, representing an increase of 184.07 per cent YoY.

Axita Cotton is engaged in the business of trading kapas, cotton bales, and cotton seeds. It is also doing ginning and pressing of kapas on job work basis. The company is also producing cotton bales and cotton seeds. The shares of the company have also delivered multibagger returns of over 1400 per cent in the last five years.

The stock has shown tremendous growth and investors should keep a close eye on this penny stock.

Disclaimer: The article is for informational purposes only and not investment advice.