Board Likely to Announce Stock Split on June 17, 2024; Heavy Buying, Stock Hits Upper Circuit Today; Must-Watch

It is a highly creative brand for exquisite fashion and brings you the world’s finest collection of Indo-Western Designer Kurtis.

This micro-cap company was established in the year 2011 by founder Mr. Mahesh Gala, Suumaya Industries Limited (formerly known as Suumaya Lifestyle Limited) is a highly creative brand for exquisite fashion and brings you the world’s finest collection of Indo-Western Designer Kurtis.

Recent Update:

The company has informed its shareholders that the meeting of the Board of Directors of the company will be held on Monday, June 17, 2024, to consider and approve the stock split.

Share Performance:

On Tuesday, this micro-cap Suumaya Industries’ stock opened at Rs 7.56 and closed at Rs 7.77 per share on the NSE, representing a gain of 5 per cent. It reached an upper circuit price limit of 5 per cent today. The current market capitalization of the company stands at Rs 52.33 crore.

Financial Performance:

As per Quarterly Results in Q3 FY24, Suumaya Industries reported revenues of Rs 84 crore, reflecting a growth of 210 per cent YoY compared to the same quarter in the previous year, when the revenue stood at Rs 27 crore. Furthermore, the company reported a net loss of Rs 829 crore, compared to a net loss of Rs 473 crore in the same period last year.

Furthermore, the company has announced a bonus issue in March 2022 and a dividend of Rs 2.75 per share in September 2021.

Business Update:

Initially, the Company was engaged in the real estate business and was listed in the ITP segment. After a few years, they diversified into dealing in cotton and other fabrics used in the manufacturing of women's apparel. They are now involved in the business of manufacturing and trading dress materials, suits, Kurtis, and other allied goods made from cotton, denim, silk, woolen, leather, etc. Until 2017, the company was solely engaged in trading. Following the acquisition of a partnership firm, the company expanded into manufacturing activities as well. Suumaya Industries sells through both retail and wholesale channels, following an Omni-Channel Sales strategy.

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