Textile Stock Below Rs 5 Sets Record Date For 1:5 Bonus Shares: Buy?

In the Wednesday morning session, Akshar Spintex Ltd., a small-cap company in the consumer discretionary group, had a market capitalization of Rs 116.75 Cr. With a 0.21% decline in value, the stock was trading at Rs 4.67 in the morning trade after the company's announcement of the record date for bonus shares.

Akshar Spintex Bonus Shares

"In terms of Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and vide resolution dated 5th January, 2024 passed by the Board of Directors of the Company, notice is hereby given that the Company has fixed Thursday, 8th February, 2024 as the "Record Date" for the purpose of determining the eligibility of shareholders for issuance of Bonus Equity Shares of the Company in the ratio of 01:5 i.e. 01 (One) Equity Shares of Re. 1/- each for every 5 (Five) existing Equity Share of Re. 1/- each held as on the above mentioned record date. You are requested to take note of the same," said Akshar Spintex in a stock exchange filing.

Akshar Spintex Financials

In the September 2023 quarter, the firm recorded standalone net sales of Rs 43.57 crore, up 132.03% from the year-ago quarter's Rs 18.78 crore. From Rs. 7.76 crore in Q2FY23 to Rs. 0.90 crore in Q2FY24, the company's net profit jumped by 111.61%. EBITDA climbed by 142.34% to Rs. 2.68 crore in the September 2023 quarter from Rs. 6.33 crore in the corresponding FY23 quarter. The company is yet to declare financial results for the quarter ended 31st December 2023.

Akshar Spintex Share Price Target

Akshar Spintex stock price is sideways to bearish on the Daily charts with strong resistance at 5. A Daily close below support of 4.5 could lead to a target of 3.8 in the near term, AR Ramachandran from Tips2trades said.

Disclaimer

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