Penny Stock Below Rs 50 Sets Record Date For 1:5 Stock Split, Up 138% From 52W-Low

Construction firm Shashijit Infraprojects Ltd. is a small cap firm with a market worth of Rs. 40 Cr. The corporation creates, manufactures, and constructs factories, public utilities, powerhouse buildings, industrial infrastructure facilities, and other immovable properties. The Board of Directors has set a record date for a 1:5 stock split, thereby penny stock priced below Rs 50 is the subject of attention for market watchers.

"The Company has fixed Friday, 27th October, 2023 as the 'Record Date' for the purpose of determining the eligibility of Shareholders for the purpose of sub-division/split of every one fully paid-up Equity share having face value Rs. 10/- (Rupees Ten only) each into 5 (five) fully paid-up Equity shares having face value of Rs. 2/- (Rupees Two only) each, as approved by the shareholders at the 16th Annual General Meeting of the Company held on 30th September, 2023," said Shashijit Infraprojects in a stock exchange filing.

Waaree Energies Limited has granted Shashijit Infraprojects Limited a Letter of Intent (LOI) for the construction of an effluent treatment plant (ETP), a chemical and utility building, as well as other civil work, valued at around Rs. 210 million. Survey No. 1934, Near Darshan Hotel, NH-48, Village-Degam, Taluka-Chikhali, Dist. Navsari, Gujarat-396530, India is the location of the project site.

Mr. Ajit Jain, Chairman & Managing Director, expressed his enthusiasm, stating, "I stand before you today with immense pride and gratitude as we receive this Letter of Intent from Waaree Energies Limited for the construction of Effluent Treatment Plant (ETP), Chemical and Utility Building and other civil work. This is not just a testament to our capabilities but a significant milestone in our journey toward excellence.

I would like to express my heartfelt thanks to Waaree Energies Limited for placing their trust in us. We understand the magnitude of this project and the responsibility it carries. It is a clear reflection of our relentless commitment to quality, innovation, and unwavering dedication to our clients. This Letter of Intent is not just a recognition but a challenge and an opportunity to raise the bar even higher."

On Wednesday, the shares of Shashijit Infraprojects opened today on the BSE at Rs 38.50 apiece and were trading at Rs 38.60 with an upside gap of 1.42% while writing the copy. The stock hit a 52-week-high of Rs 50.40 on (14/09/2023) and a 52-week-low of Rs 16.20 on (19/10/2022), implying that at the current market price the stock is trading 138.27% above the 1 year low and 23.41% below the 1 year high.

In the last 1 year the stock has generated a multibagger return of 123.91% and on a YTD basis the scrip has gained 15.32% so far in 2023. Shashijit Infraprojects recorded a promoters' shareholding of 53.04% and a public stake of 46.96% during Q1FY24.