Smallcap Stock Rallies 10 per cent and Hits Upper Circuit as Company Announces Plan to Issue Bonus Shares on August 8!

The company’s shares have delivered a multibagger return of over 200 per cent in just 1 year.

Incorporated in 1991, Mindteck Ltd provides engineering and IT services. It specializes in embedded systems, enterprise applications, testing, and professional services for Fortune 1000 companies, start-ups, universities, and government entities globally.

The Board of Directors of the company has scheduled a meeting for Thursday, August 8, 2024. During this meeting, the Board will consider a proposal for the issuance of bonus Shares to the equity shareholders and address related matters.

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Following the announcement, stock market participants rushed to buy the stocks, resulting Mindteck Ltd shares hitting the upper circuit limit of 10 per cent today with significant volumes.

Today Mindteck Ltd shares are at around Rs 421 per share. The company’s current market capitalization stands at Rs 1072.82 crore. The stock has delivered a multibagger return of over 200 per cent in just 1 year.

As per the Quarterly Results, in the fourth quarter of FY24, Mindteck Ltd recorded a revenue of Rs 97.90 crore. The operating profit for Q4 FY24 stood at Rs 7.53 crore. The net profit for Q4 FY24 was Rs 6.48 crore. Looking at the annual performance, the company generated a revenue of Rs 386 crore in FY24, compared to Rs 337 crore in FY23. The operating profit for FY24 was Rs 32 crore, with a net profit of Rs 27 crore.

As per the shareholding pattern, Promoters own 64.61 per cent while public holders own 35.15 per cent. FIIs and DIIs hold 0.22 per cent and 0.02 per cent respectively.

Investors must keep this Small-Cap stock on their radar.

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