6:11 Bonus Shares, 1:10 Stock Split: Record Date On March, 27; Bet?

With a market valuation of Rs 385 Cr, Lorenzini Apparels Ltd is a small-cap company in the consumer discretionary industry. The company Lorenzini Apparels Limited, headquartered in India, is involved in the production, development, and promotion of ready-made garments. Among Dalal Street's multibagger stocks is Lorenzini Apparels, which has risen over 55% year-to-date in 2024 and produced a staggering return of 210% in only one year. Next week, though, will see investors pay closer attention to the stock since the record date for the 1:10 stock split and 6:11 bonus shares is announced.

Lorenzini Apparels Record Date For Bonus Shares & Stock Split

"In terms of Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that pursuant to the shareholders' approval obtained through the Postal Ballot process on March 14, 2024, the Board of Directors in their meeting dated March 15, 2024 has fixed Wednesday March, 27th 2024 as the "Record Date" for the purpose of;

(a) Sub-division of face value of Equity Shares (all the Authorized, Issued, Subscribed and Paid up Equity Shares of nominal value of Rs. 10/- (Rupees Ten Only) each shall stand sub-divided into 10 (Ten) Equity Shares of nominal value of Re. 1/-(0ne Rupee) each fully paid-up and;

(b) Ascertaining the eligibility of security holders entitled for issuance of Bonus Equity Shares of the Company in the ratio of 6:11 i.e. 6(Six) Equity Shares for every 11 (Eleven) Equity Shares having a face value of Re. 1/-(considering the post sub-division/split of face value of equity shares)," said Lorenzini Apparels in a regulatory filing on Friday.

Lorenzini Apparels Financials

The company reported net sales of Rs 12.68 crore in the December 2023 quarter up 4.26% from Rs. 12.16 crore in the December 2022 quarter. Its net profit stood at Rs. 2.37 crore in Q3FY24 up 1280.45% from Rs. 0.17 crore in Q3FY23. Its quarterly EBITDA reached Rs. 3.97 crore in the reporting quarter up 179.58% from Rs. 1.42 crore in the same quarter of the previous fiscal.

Lorenzini Apparels Share Price Target

Lorenzini Apparels stock price looks bearish on the Daily charts with strong resistance at 406. A Daily close below support of 347 could lead to 306 in the near term, said AR Ramachandran from Tips2trades.

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