Bonus Issue, Dividend On Dec 15: Small Cap Stock Under Rs 10 Hits Upper Circuit

Small cap stock from the textile sector, Akshar Spintex Ltd hit 5% upper circuit in trade and witnessed spurt in volume by more than 1.37 times today after it declared that board of directors will consider bonus issue proposal on December 15, 2023. Earlier on November 21 Akshar Spintex bagged an international order worth Rs 1.71 billion. Last trading price of Akshar Spintex share BSE is Rs 7.30 per share with intraday jump of 1.39%. Check details below:

Akshar Spintex To Consider Bonus Issue On Dec 15: According to the BSE filing of the company issued today, "We hereby inform you that a meeting of the Board of Directors of the Company will be held on Friday - 15th December 2023 to transact the following agenda along with other businesses as mentioned in notice of the Board Meeting of the Company and any other Business with the permission of the Chair:

01. To consider the proposal of Bonus Issue.

02. To consider and declare the interim dividend for the financial year 2023-24.

03. To consider and approve the buyback of shares.

04. Any other business(s) with permission of Chair, if any."

Akshar Spintex Received International Order On Nov 21: As per the regulatory filing of the company, "We are delighted to announce a significant achievement for Akshar Spintex Ltd, underscoring our unwavering commitment to growth and excellence in the textile industry. This milestone involves the supply of high-quality yarn to various fast fashion brands through a globally recognized client, renowned for its association with prestigious fashion labels. The total value of this substantial international order stands at Rs. 171,17,50,000. This considerable order serves as a testament to the global acknowledgment of the quality, reliability, and competitiveness of Akshar Spintex Ltd's products in the international textile market."

Akshar Spintex Stock Outlook & Return: Last trading price of Akshar Spintex share on BSE is Rs 7.30 apiece. Its 52-week high price is Rs 8.40 apiece and 52-week low price is Rs 4.85 apiece, respectively. The company has a market capitalisation of Rs 182.49 crore. Akshar Spintex shares gained 23% YTD, soared 21% in last 1-year, offered a rally of 100.5% in last 1-year, and rallied 314% in last 3-years.

Akshar Spintex About: It has total 24,480 spindles with annual production 7500 MT in cotton yarn for its count range is 16's to 44's Ne contamination Controlled auto coned carded, semi comed and combed mill with all latest German and Japanese technology machineries. Because of increased demand of value added quality yarns the company has decided to increase the capacity of value added yarn. The company has decided to make Carded, Combed, Slub yarn, Core yarn, TFO(Doubling) yarn, Eli Twist yarn, Fancy yarn, Melange yarn, Blended yarn, BCI and Organic Certified yarn, according to its official website.

Disclaimer:

The stock just highlights the dividend, bonus share, 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 any losses. Please consult a professional advisor.