2:1 Bonus Share: Telecom Stock Hits 52-Week High For 2nd Day, YTD Return 358%

Small cap stock operating in telecommunication sector Avantel Ltd hit fresh 52-week high on BSE for second consecutive day today. Avantel shares offered attractive return of 358% year-to-date. The company on November 11, 2023 fixed November 24, 2023 as the record date for 2:1 bonus issue which implies shareholders will be eligible to receive 2 bonus shares for every 1 share held as on the record date. It declared a sharp rise of 142% in its net profit to Rs 16.7 crore in Q2 as compared to Rs 6.9 crore in second quarter of preceding fiscal. Check details below:

Avantel Ltd Issues Record Date For Bonus Share: The company in its BSE filing dated November 11, 2023 stated, "This is to inform you that pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, November 24, 2023 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders entitled for issue of Bonus Equity Shares of the Company in the ratio of 2:1, i.e., 2 (Two) Equity Shares of Rs.2/- each for every 1 (One) existing Equity Share of Rs.2/- each, which was recommended by the Board of Directors of the Company vide its meeting held on Monday, October 9, 2023 and for which approval of the shareholders have already been obtained through postal ballot on Saturday, November 11, 2023."

The company on October 9 considered and approved 2:1 bonus issue.

Avantel Stock Performance & Return: Current market price of Avantel stock on BSE is Rs 344.10 per share after the marginal gain of 0.06%. Its 52-week high price is Rs 347.00 per share and 52-week low price is Rs 66.00 per share, respectively. The company has a market capitalisation of Rs 2785.84 crore. Avantel shares soared 250% in last 6-months, gained 288% in last 1-year, jumped 734% in last 2-years, and gained 1768% in last 3-years. In last 5-years, Avantel stock rose 3364%.

Avantel Q2 Financial Results: Avantel's revenue jumped 50.41% to Rs 54.6 crore for the quarter ended September 30, 2023 as against Rs 36.3 crore declared in September quarter of last year. Its EBITDA surged 138% to Rs 25.5 crore in latest quarter as compared to Rs 10.7 crore declared in September 2022 quarter.

Avantel About: Avantel offers innovative, customized network centric solutions through products that comply with MIL standards for defence platforms including ships/submarines/aircraft/helicopters", as per its official website.

Disclaimer:

The stock just highlights the bonus share, Q2 result, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.