1,800 per cent returns: Board announced bonus shares; PAT zooms over 160 per cent!

Shares of this company have gained more than 240 per cent in the last six months.

Avantel Limited has announced Friday, November 24, 2023, as the record date for the issuance of bonus equity shares in a 2:1 ratio. This decision was approved by the company's board on October 9, 2023, and subsequently endorsed by shareholders via postal ballot on November 11, 2023.

The company posted strong results in Q2FY24. The revenue of the company stood at Rs 54.33 crore which grew by 49.9 per cent YoY. The operating profit of the company stood at Rs 25.35 crore, while the PAT of the company stood at Rs 16.07 crore, representing a growth of 161.6 per cent YoY.

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Shares of Avantel Limited have also delivered multibagger returns to their shareholders in the last three years. During this period, the company’s share price jumped from Rs 17.63 on November 20, 2020, to Rs 342.05 on November 17, 2023, an increase of about 1800 per cent in a three-year holding period. While in the last six months, the stock has gained over 240 per cent.

Avantel Limited is engaged in the business of designing, developing and maintaining wireless and satellite communication products, defence electronics, radar systems and development of network management software applications for its customers mainly from the aerospace and defence sectors.

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

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