Stock under Rs 200: This Smallcap multibagger is likely to announce bonus; watch out!
In the quarter ended September 30, 2022 the company reported a robust growth of nearly 79 per cent in its total revenue.
The Indian benchmark indices, after a scintillating rally on Friday, is seen taking a breather on Monday as Nifty is oscillating between the green and red zone in the early half of the trading session.
Talking about sectoral performance, majority of the sectors were seen trading in red led by Nifty Media as it is down by over 2 per cent, while on the other hand, Nifty Metal jumped 1.71 per cent amid the recent magnificent uptick in metal prices on LME which augurs well for the metal stocks.
Though the benchmark indices are seen taking a breather, the Board Meeting intimation continues to come thick and fast. One of the latest Board Meeting Intimation has been announced by Rama Steel Tubes.
The Company, in its latest press release has announced that a meeting of the Board of Directors of the Company will be held on Friday, November 18, 2022, to consider the following proposals: a.) issuance of fully paid bonus equity shares to the members of the Company and other allied activities; b.) to consider the proposal related to acquisition of companies. The aforesaid proposals, if approved by the Board, will be subject to the approval of the shareholders.
The stock is trading up by nearly 3 per cent and it has recorded a fresh 52-week high on Monday. Interestingly, the stock in the last six months has advanced more than 127 per cent and in the last one year, it has delivered jaw dropping returns of 210 per cent which make the stock a multibagger.
The company has delivered good profit growth of 23.6 per cent CAGR over the last 5 years. In the quarter ended September 30, 2022 the company reported a robust growth of nearly 79 per cent in its total revenue. Regarding business update, company said that it has initiated a massive capacity expansion of additional 30,000 MT at Khopoli Plant in Maharashtra. The expansion is expected to be completed by the end of 2nd Quarter of FY23 and commercial production is expected to begin in 3rd quarter of FY23.