Don’t miss action in this multibagger micro-cap stock that is likely to announce buyback of shares!
The stock gave multibagger returns of 950 per cent in just 2 years whereas BSE Sensex Index is up by 22.50 per cent.
Axita Cotton Ltd, a leading manufacturer of cotton, informed that the meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, May 23, 2023, inter-alia to consider:
1) In terms of Regulation 29(1)(b) of the Listing Regulations, the Proposal for the buyback of fully paid-up equity shares of the company, in accordance with the applicable provisions under the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018, as amended and other applicable laws;
2. Any other matter as Board may consider and deem fit.
Axita Cotton Limited is engaged in the business of manufacturing, processing and finishing cotton bales and cotton seeds. The shares of the company saw a spurt in volume by more than 4 times on BSE.
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On Friday, shares of Axita Cotton Ltd jumped 5 per cent upper circuit in the pre-opening to Rs 27.30 per share from its previous closing of Rs 26 per share. At 11:30 am, shares of the company were locked in a 5 per cent lower circuit to Rs 24.70 per share. The stock has a 52-week high of Rs 83 and a 52-week low of Rs 15.87.
According to the financials, the company reported positive numbers in its Quarterly Results and annual results. The stock has a ROE of 39 per cent and a ROCE of 49 per cent. The promoter’s holding is 70 per cent and the rest is owned by FIIs and the public.
The stock gave multibagger returns of 950 per cent in just 2 years whereas BSE Sensex Index is up by 22.50 per cent. Investors should keep an eye on this micro-cap stock.