1:1 Bonus Shares, 415% Returns: Only Buyers In This Penny Stock On Ex-Bonus Date, Hits 1-Year High

Penny stock Nidhi Granites witnessed a remarkable demand as it turned ex-bonus on May 2nd. The stock locked at its 2% upper circuit and recorded high level of Rs 150.55 apiece on BSE. This means there were no sellers, but only buyers in Nidhi Granites on Thursday.

Post market hours, Nidhi Granites ended at Rs 150.55 apiece, which is its 2% upper circuit. Generally, an upper circuit means that there are several buyers in a stock but no sellers during that particular trading session.

The Rs 150.55 apiece level is also Nidhi Granites' 52-week high. That being said, Nidhi Granites is up by 414.70% from its 52-week low of Rs 29.25 apiece.

Currently, its market cap is at Rs 120.44 crore.

Nidhi Granites Bonus Issue:

The company is going to issue bonus shares in the ratio of 1:1 i.e. one new bonus Equity Share of Rs. 10/- each for every one existing Equity Share of Rs. 10/- each held by the shareholders of the Company as on the Record Date.

Accordingly, the company had fixed Thursday, 2nd May 2024 as the 'Record Date' for ascertaining the eligibility of shareholders entitled to issuance of Bonus Equity Shares of the Company.

So only those investors will be eligible for the bonus shares who hold Nidhi Granites stocks in their demat accounts by end of May 2nd.

Bonus shares are free of cost given by listed companies to their existing shareholders from their profitability of respective financial years. In bonus issues, new equity shares are issued by the companies on existing shares in a specific ratio, however, face value remains the same post-bonus.

Nidhi Granites About:

Originally Incorporated in the year 1981, the company was taken over in the year 2021 and is now under the dynamic leadership of Non-Ex Chairman, Devan Narendra Pandya and Managing Director, Darpan Deepak Shah. Initially, the Company was engaged in the granite blocks and tiles business.

In FY23, the company acquired 100% Equity Shares i.e. 10,000 Equity Shares of Face Value Rs. 10/- of Yug Fashion Garments Private Limited on 10th May 2023 and it became a wholly-owned subsidiary of the Company. The Company is facing challenges in its core business activities and to deploy its resources productively, the Company has started focusing on the business activities of Trading in Securities.