Multibagger in just 1 year: Board announces bonus shares; scrip hit upper circuit & 52-week high!
The stock gave multibagger returns of 250 per cent in just 1 year and a whopping 665 per cent in 3 years.
Today, one of the Top Gainers on BSE, shares of Sandur Manganese & Iron Ores Ltd Ltd hit 10 per cent upper circuit to Rs 2,800.25 per share from its previous closing of Rs 2,545.70. The stock also traded at a new 52-week high of Rs 2,800.25 per share. At the closing bell, shares of the company were trading at Rs 2,638.85 per share, up 3.66 per cent with a spurt in volume by more than 3.13 times on BSE.
The sudden rise in the stock price was due to the company announcing first ever bonus shares in the ratio of 5:1 i.e., 5 new fully paid-up equity shares of Rs 10 each for every 1 existing fully paid-up equity share of Rs 10 each held by the eligible equity shareholders of the company as on the record date. The company has not fixed the record date yet but will be completed within 2 months from the date of the board’s approval i.e., on or before February 16, 2024.
Sandur Manganese & Iron Ores (SMIORE) is involved in the mining of low-phosphorous manganese and iron ore in the Hospet-Ballari region of Karnataka. The company has a market cap of over Rs 7,000 crore and a 3-year stock price CAGR of 95 per cent. Furthermore, the company reported positive numbers in its Quarterly Results & annual results and has a good return on equity (ROE) track record: 3 Years ROE 27 per cent.
The shares of the company have a PE of 24x, an ROE of 15 per cent and a ROCE of 18 per cent. The stock gave multibagger returns of 250 per cent in just 1 year and a whopping 665 per cent in 3 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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