1:1 Bonus Issue: Penny Stock To Trade Ex-Bonus, Rallies 20% In 1-Week

Shares of small-cap company operating in the gems & jewellery sector, Kanani Industries hit a new 52-week high value of Rs 10.62 per share on Monday (January 29), ahead of the ex-bonus date. Kanani Industries shares will trade ex-bonus tomorrow (Jan 30). On December 9, 2023, the company recommended bonus shares in the ratio of 1:1. Shares of Kanani Industries Ltd touched Upper Circuit on Jan 25, Jan 24, and Jan 23 at Rs. 10.14, Rs 9.66, and Rs 9.20 respectively. Recently, on January 17 the company revised the record date from January 25 to January 30, 2024, for 1:1 bonus issue.

Today, the share price of Kanani Industries was trading over 4% higher at Rs 10.55 per share at 1:52 pm IST. Kanani Industries shares offered return of 20.30% in the last 1-week span and rose 40.67% in the last 1-month.

Kanani Industries New Record Date For Bonus Share: Recently, the company revised the record date for bonus issue from 25th January 2024 to 30th January 2024. In an exchange filing on January 17, 2024, the company said, "Kanani Industries Limited ("the Company") has fixed the record date as Tuesday, 30 January 2024, in order to determine the number of shareholders entitled to Bonus Equity shares in the ratio of 1: 1 (i.e. One bonus equity share of Re. 1/- each for every one equity share of Re. 1/- each held by the shareholders), which was approved by the shareholders in the Extraordinary General Meeting held on 15th January 2024."

Kanani Industries Bonus Issue Announcement:

In an exchange filing on Dec 9, 2023, the company said, "the Board of Directors considered, approved and recommended, subject to members approval at the Extra-ordinary General meeting of the Company, issue of Bonus Shares to members of the Company by capitalization of its reserve in the ratio of 1:1 (1) bonus shares of Re. 1/- each fully paid for every One (1) existing shares of Re. 1/- each fully paid upheld by the members as on a Record Date to be fixed by the Board thereof for the purpose. "

Kanani Industries Stock Performance & Return:

The 52-week high and 52-week low price of Kanani Industries are Rs 10.62 and Rs 5.43 apiece, respectively. The company has a market capitalisation of Rs 104.77 crore. Kanani Industries stock gained 35.26% year-to-date, gained 37.37% in the last 3-months, rose 36.13% in the last 6-months, and increased 26.20% in the last 1-year. In the last 2-years, the scrip has fallen 30%.

Kanani Industries Financials:

The company's net sales were down 0.28% at Rs 65.79 crore for September 2023, compared to Rs 65.97 crore in the corresponding quarter of last year. The firm's quarterly net profit stood at Rs 0.34 crore for Sept 2023, down 34.54% as compared to Rs 0.53 crore in Sept 2022. The company's EBITDA for the September 2023 quarter fell 40.48% to Rs 0.50 crore from Rs 0.84 crore in September 2022. The company's EPS fell 0.03 in Sept 2023 from Rs 0.05 in Sept 2022.

Kanani Industries About:

Kanani Industries Limited (KIL) is a Small Cap company operating in the Gems and Jewellery sector. The company was initially incorporated on 22nd March 1983 with the Registrar of Companies Maharashtra, Mumbai, as a public limited company under the name of "Shivlaxmi Mercantile Company Limited" (later changed to IMP Finance Limited).

KIL was acquired by Premjibhai D. Kanani and Vinubhai L. Kanani on 9th April 2007 vide change in management and control in shareholding of the company under the name IMP Finance Limited, which was subsequently changed to "Kanani Industries Limited" on October 19th, 2007 vide Certificate of Change of Name issued by the Registrar of Companies Maharashtra Mumbai, according to its official website. Further, the company acquired its own land at SEZ, Sachin, Surat (Gujarat), and built up its own four-story factory, Now Company is engaged in the Diamonds Studded Jewellery Business having a sophisticated hyper-technical unit.