Penny stock under Rs 2: Board announces bonus shares; PAT zooms over 100 per cent!
The stock is up by 36 per cent from its 52-week low of Rs 0.87 per cent.
M Lakhamsi Industries has bridged the gap between India's fertile fields and the global market, serving over 75 destinations with a diverse portfolio of 25+ oil seeds, oils, spices, and grains for over 50 years. Rooted in local partnerships and state-of-the-art processing, the company deliver exceptional quality and flexibility, tailoring to your specific needs while ensuring utmost food safety through ISO, Halal, and Kosher certifications and stringent HACCP norms.
The Board of Directors of the company have approved bonus shares of the company in the ratio of 1:50 i.e. 1 new fully paid bonus equity share for every 50 existing fully paid Equity Shares of Rs 10 each to public shareholders except promoter and promoter group to achieve the requirement of minimum public shareholding (MPS) mandated under rules 19(2)(b) and 19A of the SCRR read with regulation 38 of the LODR Regulations as on the record date. The company fixed the record date for bonus shares as Saturday, January 06, 2024.
On Friday, shares of M Lakhamsi Industries Ltd hit a 5 per cent upper circuit to Rs 1.18 per share. The stock also made a new 52-week high of Rs 1.18 per share. Buoyed by news of an upcoming bonus share issue, investors flocked to buy the company's stock today, driving the price to its upper limit (>20 lakh shares). However, the absence of any sellers kept the stock locked at that level, resulting in zero trading activity.
The company have a market cap of less than 1 crore with a 75 per cent stake owned by the promoters and the rest of the stake i.e., 25 per cent is owned by the general public. The stock trades at a low PE of 0.71x and a high ROE of 13.42 per cent.
The company reported positive numbers in its Quarterly Results (Q2FY24) and annual results (FY23). The company PAT zooms over 100 per cent in Q2FY24 over Q2FY23. The stock is up by 36 per cent from its 52-week low of Rs 0.87 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.