850 Percent return multibagger stock: Board announced 1:5 bonus issue, Hits 52-week high with significant volume

The company's net profit experienced a remarkable 40 per cent growth YoY, amounting to Rs 355 crore, compared to Rs 254 crore in the same quarter of the previous year.

Berger Paints India Limited, a prominent paint company, announced that its board has approved a proposal for a bonus share issuance. This proposal entails the allocation of one bonus share, with a face value of Re 1 each, for every five shares of the same face value.

However, this issuance is subject to the approval of the shareholders. This announcement coincided with the release of the paint maker's financial results for the June quarter.

Berger Paints experienced a significant 10 per cent rise in its consolidated revenue in Q1 FY24, reaching Rs 3030 crore, compared to Rs 2760 crore in the same period of the previous year.

During the quarter, the company's operating profit experienced a remarkable 37 per cent growth, amounting to Rs 557 crore, compared to Rs 405 crore in the previous year. However, the operating profit margin improved from 15 per cent to 18 per cent.

The company witnessed a 40 per cent increase in its net profit for the quarter ended June 2023, reaching Rs 355 crore, compared to Rs 254 crore recorded in the corresponding period of the previous year. The net profit margin stood at 12 per cent.

Upon analysing today's share volumes, it is evident that there has been a substantial increase of more than 3.34 times in volumes compared to its normal trading volumes on the BSE.

Today, the shares of the company closed at Rs 698.75 each on the BSE.

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