Mulitbagger from its 52-week low; Board likely to announce stock split!

The company reported positive numbers in its quarterly results and annual results.

Ashapuri Gold Ornament Ltd informed that the meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, May 10, 2023 at 04.00 p.m. (IST) to inter alia transact the following business: -   

1. To consider and approve audited standalone results of the company for the quarter and year ended March 31, 2023, together with the auditor’s report thereon by the statutory auditor of the company.  

2. To consider split/sub-division of equity shares of the company.  

3. To consider making an Application for Direct Listing of the Company at the Main Board of the National Stock Exchange of India Limited.   

4. To consider and transit any other businesses, if any, which may be placed before the Board with the permission of the Chairman.  

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On Friday, shares of Ashapuri Gold Ornament plunged 4.78 per cent to Rs 78.51 with an intraday high of Rs 85.75 and an intraday low of Rs 78.  

Ashapuri Gold Ornament Ltd is engaged in the business of wholesale trading of jewellery. The pieces of jewellery are manufactured on a job-work basis at Ahmedabad and Rajkot.  

According to the financials, this gems & jewellery company has a market cap of Rs 275 crore with a 3-year CAGR of 36 per cent. The company reported positive numbers in its Quarterly Results and annual results.    

The stock gave multibagger returns of 134 per cent from its 52-week low of Rs 38.80 per share. Investors should keep an eye on this micro-cap stock.