Multibagger stock which has skyrocketed over 160 per cent in just 1 year announces 1:5 stock split
the company has shown positive traction this year as it has given multibagger returns of over 162 per cent in just 1 year and more than 61 per cent returns in 6 months.
Akashdeep Metal Industries operates in the financial service industry and has a market capitalization valuation of Rs 131 crore. It was incorporated in the year 1983 and registered with RBI as an NBFC. It is an investment company, engaged in dealing with investment shares and providing loans and advances.
In the latest press release, the company announced a stock split of one equity share of the company having a face value of Rs 10 into 5 equity shares, i.e, 1:5. The record date for the purpose of the sub-division of equity shares shall be decided after obtaining approval from members through a postal ballot.
The rationale behind the split is to encourage the participation of small investors by making it more affordable and consequently enhancing the liquidity of the company’s equity shares.
In the quarter that ended in September 2022, the firm recorded a net income of Rs 5.06 crore in Q2FY23, reflecting a YoY rise of 128.95 per cent. The company’s net profit grew 150.00 per cent to ₹0.85 crore from the same period a year earlier.
Post the announcement of the stock split, the company’s shares closed 3.60 per cent down at Rs 125.90. However, the company has shown positive traction this year as it has given multibagger returns of over 162 per cent in just 1 year and more than 61 per cent returns in 6 months. Keep a close eye on this trending stock.