2:1 Bonus Shares In Due: Ex-Date In 2 Days On 15th March; Buy?

With a market valuation of Rs 490 Cr, MK Proteins Ltd is a small-cap company in the FMCG industry. Currently, M.K. Proteins Ltd. produces vegetable refined oils, with a daily capacity of 250 tonnes. M.K. Proteins is a member of the 1958-founded Shree Ganesh Fats Group. M.K. Proteins has been a significant player in North India's edible oil market since its founding in 2012. Among Dalal Street's multibagger stocks, MK Proteins is the subject of this week's consideration as it goes ex-bonus in two days on March 15, 2024, in order to allocate 2:1 bonus shares to the eligible shareholders.

MK Proteins Bonus Shares Record Date

"In terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) 2015 and pursuant to the shareholders' approval obtained though postal ballot on March 03, 2024, we wish to inform you that the Company has fixed Friday, 15th March 2024 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders entitlement of Bonus Equity Shares of the Company in the ratio of 2:1 i.e. 2 (Two) Equity Shares for every 1 (One) Equity Shares having a face value of Re. 1/-," said MK Proteins in a regulatory filing on March 04, 2024.

MK Proteins Financials

The company reported a net income of Rs 68.87 Cr in the December 2023 quarter compared to Rs 13.67 Cr in the September 2023 quarter. Its net expenses stood at Rs 65.42 Cr in Q3FY24 as against Rs 13.12 Cr in Q2FY24. Its EBITDA reached Rs 3.45 Cr which was Rs 0.55 Cr in the previous quarter. M.K. Proteins said in a stock exchange filing that its quarterly net profit stood at Rs 2.48 Cr in Q3FY24 which was Rs 0.41 Cr in Q2FY24.

MK Proteins Share Price Target

MK Proteins is slightly bearish on the Daily charts with strong resistance at 47. A daily close above this resistance could lead to a target of 58.5. Strong support will be at 35, said AR Ramachandran from Tips2trades.

Disclaimer

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