Multibagger in just 6 months: This micro-cap company signs an MoU with Onest Limited and announces bonus shares!
The stock gave multibagger returns of 107 per cent in just 6 months whereas BSE Sensex Index is up by 10.39 per cent.
Veerhealth Care Ltd informed that the company has signed an MoU with Onest Limited for manufacturing and supplying a wide range of products falling into the ayurvedic, cosmetic and disinfectant category.
Onest Limited is primarily engaged in the fast-moving consumer goods (FMCG) segment with a range of personal care, home care and food products. Onest Limited is a 'Two Star Export House' accredited by the Directorate General of Foreign Trade, Ministry of Commerce and Industry, Government of India within the first four years of its incorporation. Onest LIMITED has exported to over 60+ international markets and has now entered the domestic market in the personal & home care segment.
Earlier, the company announced issuing bonus shares to its shareholders in the ratio of 1:1. This means that for every 1 equity share held, shareholders will receive 1 bonus share. The bonus shares will be issued out of the company's reserves and will be fully paid up. The record date for the bonus shares will be determined by the board of directors. Additionally, the company signed a contract to supply the "WHIDENT" range of toothpaste to Casablanca, Morocco (North West Africa) as a part of its expansion plan. The company is expecting additional growth in sales in the current Financial Year with the new contract of supply & additional profit.
According to the Quarterly Results, the net sales increased by 26 per cent to Rs 3.58 crore and the net profit skyrocketed 277 per cent to Rs 0.34 crore in Q1FY24 compared to Q1FY23. According to the annual results, the net sales increased by 38 per cent to Rs 13.27 crore and the net profit skyrocketed by 2,357 per cent to Rs 1.58 crore in FY23 compared to FY22.
Veer Healthcare Ltd (formerly Niyati Leasing Ltd) is engaged in the business of trading, manufacturing and marketing research based ayurvedic medicines. The company has a market cap of Rs 41.81 crore with a 3-year CAGR of 70 per cent.
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On Friday, shares of the company were trading at Rs 41.81 per share, down 0.81 per cent with an intraday high of Rs 43 and an intraday low of Rs 41.70.
The stock gave multibagger returns of 107 per cent in just 6 months whereas BSE Sensex Index is up by 10.39 per cent. Investors should keep an eye on this micro-cap stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.