40,000 Per Cent Returns: Debt-Free Multibagger Stock In Focus As Board Is Likely To Announce Stock Split
Over the past year, the stock has delivered multibagger returns of 7,100 per cent and over 3 years, it has surged by an astonishing 40,000 per cent.
The company informed the exchange that a meeting of the Board of Directors of Eraaya Lifespaces Limited is scheduled to be held on Saturday, October 19, 2024, in New Delhi to transact, inter-alia, to make a decision regarding stock split/division in the nominal value of equity shares of Eraaya Lifespaces Limited to enhance liquidity and encourage better investor participation.
Additionally, Eraaya Lifespaces Limited provided an update on a legal matter involving Ebix Singapore and Ernst & Young (E&Y) that arose from actions taken by Robin Raina during the Chapter 11 bankruptcy proceedings of Ebix Inc. USA. Despite the ongoing bankruptcy, Mr. Raina assigned a mandate to E&Y to raise funds through the sale of assets of Ebix Singapore and its subsidiaries. E&Y initiated legal proceedings against Ebix Singapore in the Delhi High Court due to the complexities and confusion arising from Mr Raina's actions. After Eraaya and Ebix presented the facts of the insolvency proceedings, E&Y withdrew their petition, and the matter was amicably resolved. Eraaya Lifespaces Limited emphasized that there is no ongoing litigation between Eraaya, Ebix, or any of its subsidiaries, and there are no adverse financial consequences related to this matter.
Stock Updates
On Monday, shares of Eraaya Lifespaces Limited gained 3.1 per cent to Rs 2,940 per share from the previous day's close of Rs 2,852.20. The stock’s 52-week high is Rs 3,169 per share and its 52-week low is Rs 40.87 per share. Over the past year, the stock has delivered multibagger returns of 7,100 per cent and over 3 years, it has surged by an astonishing 40,000 per cent.
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About Eraaya Lifespaces Limited: As a premier lifestyle and hospitality company, Eraaya Lifespaces is dedicated to crafting unforgettable moments that blend luxury with India's rich heritage. The company portfolio offers a diverse range of experiences, from exquisite events and innovative content to luxurious accommodations and immersive cultural encounters. Eraaya is seeking to thrive, expansion beyond its current scope as a strategic option embracing new business fields presents a promising avenue for growth, diversification and sustained relevance in an ever‐evolving market. Eraaya has set its sights on exploring new business fields, driven by a vision to expand its horizons and unlock fresh opportunities via mergers and acquisitions of a varied bunch of businesses.
The company has a market cap of over Rs 5,400 crore with a 3-year stock price CAGR of 520 per cent with debt-free status. According to Quarterly Results, the company reported net sales of Rs 2 crore in Q1FY25 and net profit increased by 1,887.5 per cent to Rs 0.95 crore in Q1FY25 compared to a net profit of Rs 0.05 crore in Q1FY24. In its annual results, the net sales increased by 1,52,311 per cent to Rs 297.20 crore and net profit increased by 341.6 per cent to Rs 0.34 crore in FY24 over FY23.
Disclaimer: The article is for informational purposes only and not investment advice.