3:1 Bonus Shares Announced By This Small-Cap Company; Multibagger Stock Hit 52-Week High on October 03
The stock gave multibagger returns of 248 per cent from its 52-week low of Rs 1,004.05 per share and a whopping 3,000 per cent in 5 years.
Bajaj Steel Industries Ltd has announced a bonus share issuance of 3:1. This means shareholders will receive three new shares for every one they currently hold. The record date for determining eligibility is October 3, 2024. The company's paid-up share capital will increase from Rs. 2.6 crore to Rs. 10.4 crore after the bonus issue. The estimated date for crediting or dispatching bonus shares is December 2, 2024, subject to shareholder and regulatory approval.
Bajaj Steel Industries Ltd., founded in 1961, is a prominent manufacturer of cotton ginning and pressing machinery, prefabricated building structures and related products. The company is ISO 9001:2008 and ISO/TS 16949 certified, offering a comprehensive range of machinery for all cotton ginning and pressing technologies. Its product portfolio also includes general engineering fabrication, machining, intelligent electrical panel manufacturing and other engineering services.
Bajaj Steel Industries Ltd operates through various divisions, each specializing in different product lines. The ginning machinery division manufactures and supplies equipment for cotton ginning and processing. The Continental Eagle Corporation (CEC) division focuses on products based on CEC, USA designs, including saw gins, rotobar, delinting and decorticating equipment. The infrastructure division designs and fabricates pre-engineered buildings and structures. The electrical division manufactures electrical panels and accessories. The heavy engineering division produces heavy equipment and structural fabrication. The firefighting division designs and installs firefighting systems. Additionally, the company manufactures other products like speciality conveyors, office furniture and steel doors.
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The company has a market cap of over Rs 1,760 crore with a PE of 20x, an ROE of 20 per cent and an ROCE of 24 per cent. On Thursday, shares of Bajaj Steel Industries Ltd gained 4.50 per cent and made a new 52-week high of Rs 3,499.75 per share from its previous closing of Rs 3,350.35 with a spurt in volume by more than 2 times on BSE. The stock gave multibagger returns of 248 per cent from its 52-week low of Rs 1,004.05 per share and a whopping 3,000 per cent in 5 years. Investors should keep an eye on this stock in the upcoming trading sessions.
Disclaimer: The article is for informational purposes only and not investment advice.