593% Gain In 1 Yr: Standard Capital Markets Sets Record Date For 2:1 Bonus Shares & 1:10 Stock Split

With a market valuation of Rs 325 Cr, Standard Capital Markets Ltd is a small-cap NBFC. After the company announced the record date for the 2:1 bonus shares and 1:10 stock split, Standard Capital Markets' shares were locked in a 2% upper circuit of Rs 66.37 apiece in the morning trades on Friday.

"In terms of Regulation 42 of SEBI Listing Regulations, the Company has fixed Friday, the 29th Day of December 2023, as the Record Date, for the following purposes, subject to the approval of shareholders at the ensuing Extra-ordinary General Meeting of the Company scheduled to be held on Monday, December 18, 2023," said the company in a stock exchange filing.

The company has declared a 1:10 stock split or 10 to 1 i.e. sub-division of 1 (One) Equity Share of the face value of Rs. 10/- each fully paid-up into 10 (Ten) Equity Shares of the face value of Re. 1/- each fully paid-up. In addition, the Board of Standard Capital Markets also announced 2:1 i.e. 2 (Two) Bonus Equity Shares of the face value of Re. 1/- each fully paid up for every 1 (One) existing Equity Shares of Face Value of Re. 1/- each fully paid up.

The company reported a standalone net profit of Rs 5.65 Cr during the quarter ended September 2023 compared to Rs 1.42 Cr in the September 2022 quarter. Its net expenses reached Rs 0.41 Cr as against Rs 0.09 Cr in the year-ago quarter. Standard Capital Markets said its EBIT was Rs 5.24 Cr in Q2FY24 as against Rs 1.33 Cr in Q2FY23 whereas net profit stood at Rs 2.31 Cr which was Rs 0.15 Cr in the same quarter of the previous fiscal.

In the last 1 year, the stock has generated a multibagger return of 592.08% and on a YTD basis, the scrip has gained 203.75% so far in 2023. The stock reached a 52-week-high of Rs 96.00 on (05/05/2023) and a 52-week-low of Rs 9.59 on (08/12/2022).