FIIs sold 10.74 per cent stake: Multibagger penny stock at Rs 66.50 hit upper circuit as Board announces stock split
The stock gave multibagger returns of 250 per cent in just 6 months
New Light Apparels Ltd announces that its Board of Directors has approved a stock split of its equity shares. Each existing equity share of Rs 10 will be subdivided into 10 equity shares of Re 1 each. The record date for this split will be determined by the board and announced to the exchange. The company's authorized share capital will remain unchanged at Rs 30 crore, but the number of equity shares will increase to 30 crore. This stock split is aimed at enhancing liquidity, widening the shareholder base and making the shares more affordable to small investors. The board fixed the record date for the stock split as Thursday, October 10, 2024.
New Light Apparels Ltd is a prominent Indian apparel manufacturer and exporter established in 1959. The company specializes in a diverse range of products, including school uniforms, government-sponsored programs, corporate attire and private dress materials. Their product portfolio extends to men's, women's, and children's wear, as well as fashion clothing, workwear, woollen garments and accessories like socks, scarves, caps and ties. Equipped with state-of-the-art knitting machines, New Light Apparels Ltd continues to be a significant player in the Indian apparel industry.
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The company has a market cap of Rs 52 crore and debtor days have improved from 314 to 160 days. On Friday, shares of New Light Apparels Ltd hit a 2 per cent upper circuit to Rs 66.50 per share from its previous closing of Rs 65.20 per share. The stock also made a new 52-week high of Rs 66.50 and its 52-week low is Rs 15. In June 2024, FIIs sold a 10.74 per cent stake in the company and decreased their stake to 4.19 per cent compared to 14.93 per cent in March 2024. The stock gave multibagger returns of 250 per cent in just 6 months and investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.