FII bought 75,000 shares of this multibagger stock; Board is likely to announce bonus shares & stock split and company bags new orders worth Rs 16.23 crore from CMSS!

The shares of the company gave multibagger returns of 486.5 per cent from its 52-week low.

On Monday, one of the Top Gainers on BSE, shares of Cupid Limited were locked in 5 per cent upper circuit to Rs 1,380.05 per share. The stock also made a new 52-week high of Rs 1,380.05 per share. In the recent trading sessions, the stock has been hitting back-to-back upper circuits & 52-week highs.

Cupid Ltd announced that a meeting of the Board of Directors will be held on Tuesday, January 23, 2024, to consider the proposal of the stock split, the proposal of bonus shares and the proposal for raising funds by issuance of equity shares.

Additionally, Cupid Limited has secured a significant Rs 16.23 crore order for male condoms from the Government of India's Central Medical Services Society (CMSS), demonstrating its commitment to supporting national healthcare initiatives. This follows CMSS's establishment as a central procurement agency to streamline drug distribution, and the order comprises two parts: Rs 9.65 crore and Rs 6.58 crore, to be fulfilled by April 2024.

Furthermore, Minerva Ventures Fund, a Foreign Institutional Investor (FII) based in Mountain View, California bought 75,000 shares of the company via a bulk deal on NSE.

Incorporated in 1993, Cupid Ltd has a market cap of Rs 1,841 crore and has been maintaining a healthy dividend payout of 25.5 per cent. The company is engaged in the business of dealing, marketing, and manufacturing rubber contraceptives and allied prophylactic products.

The net sales decreased by 23.83 per cent to Rs 34.46 crore and net profit decreased by 40.37 per cent to Rs 5.12 crore in Q2FY24 over Q2FY23. The net sales increased by per cent to Rs 20.03 per cent to Rs 159.33 crore and net profit increased by 82.78 per cent to Rs 31.58 crore in FY23 over FY22.

The stock has an ROE of 21 per cent and an ROCE of 27 per cent. The shares of the company gave multibagger returns of 486.5 per cent from its 52-week low of Rs 235.30 per share. Investors should keep an eye on this stock.

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