4:1 Bonus Shares: 15th July - Record Date, Consumer Discretionary Below Rs 180; Buy For TP 250

One of West Bengal's major banquet chains, BIKA Group, formerly Goel Food Products Limited, was founded in 1996. One of India's leading consumer discretionary companies, Bika Group has eight opulent banquet venues located in Kolkata and Howrah. With a market valuation of Rs 65.96 Cr, the small-cap company, trading at Rs 174.95, has the potential to grow to Rs 250 since analysts are betting on the stock to rise amid the July 15 record date in order to get bonus shares in a 4:1 ratio.

Goel Food Products Bonus Shares

The Board of Directors "recommended for approval of the shareholder by way of Special Resolution for issue of Bonus Shares to the holders of equity shares of the Company in the ratio of 4:1 (i.e. four bonus equity share of Rs.10/- for every one fully paid up equity shares of Rs. 10/- each held) by increasing the Paid-Up Share Capital to a sum not exceeding Rs.15,08,16,000/- after capitalizing a sum of Free Reserves of Rs.10,11,20,000 and Security Premium of Rs. 4,96,96,000 from the Accumulated Profits as per the Audited Accounts of the Company for the financial year ended 31st March, 2024, and the same is proposed to be applied in paying up in full," the company said in a regulatory filing.

"The fully paid-up Bonus Shares shall be distributed to the Members of your Company, whose names shall appear on its Register of Members on the Record Date determined by the Board of Directors of your Company for the purpose of issue of Bonus Shares, in the proportion of 4 (Four) Bonus Share of Rs. 10/- for every 1 (One) Equity Share of Rs. 10/- each held by them on the Record Date; the Record Date being 15.07.2024. The Bonus Shares so allotted shall rank pari passu in all respects with the fully paid-up Equity Shares of the Company as existing on the Record Date, save and except that they shall not participate in any dividend that may be declared before the 'Record Date'," Goel Food Products further informed stock exchanges.

Goel Food Products Upcoming 28th Annual General Meeting (AGM) Date

"The 28th Annual General Meeting ('AGM) of the Company will be held physically at the registered office of the Company situated at 76/1/2 Golaghata Road, (VIP Road), Kolkata- 700048, West Bengal, India, on Monday, July 22nd, 2024 at 11.00 A.M. The Notice will be sent to the shareholders in accordance with the applicable laws on their registered email addresses in due course. Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Register of Members and Share Transfer Books of the Company shall remain closed from July 16th 2024 to July 22nd, 2024 (inclusive of both the days), for the purpose of Annual General Meeting. Cut-off date for reckoning the voting rights of the members for remote E-Voting and voting at the AGM is July 15%, 2024," the company said in a stock exchange filing.

Goel Food Products Share Price Target

"Indian company Goel Food Products Limited, which operates and manages banquet and snacks and sweets shop business, seems poised for a potential breakout. The stock is currently trading close to the 52-week high of Rs. 223, with RSI moving averages of 56 on daily, 57 on weekly, and 63 on monthly frames, displaying a consistent trend. In the past month, GOEL has delivered a profit margin of 6.67%, indicating rising investor interest. The stock's PE ratio stands at 12.93, below the sector average of 27.06, making it an attractive option among peers, while its ROE of 23.41% indicates strong financial health. Those interested may consider entering the stock with a market capitalization of Rs. 67 crores at the buying range of Rs.168-170, for a target range of Rs. 180-250. They may hold the stock for 1-9 months while following the stop-loss of Rs. 160 to avoid loss," recommended V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.