First Ever Bonus Issue By Multibagger Coming Up; Penny Stock Hits New 52-Week High Ahead Of Bonuses Reward

Multibagger penny stock, Nidhi Granites is going to announce its first-ever bonus issue on March 15. Ahead of the board meeting, Nidhi Granites' share price froze at 5% upper circuit and touched a new 52-week high. The record and ex-bonus date will be announced accordingly. The board meeting is scheduled on Friday for bonus issue proposal.

Nidhi Granites Share Price:

Nidhi's share price locked at 5% upper circuit on Thursday to hit a new 52-week high of Rs 190.75 apiece. An upper circuit means that there were several buyers in the stock but no sellers during the trade.

The stock is also up by 226.06% from its 52-week low of Rs 58.50 apiece, emerging as multibaggers.

The company's market cap is around Rs 76.30 crore.

Nidhi Granites Bonus Issue:

As per the regulatory filing, Nidhi Granites said that the meeting of the Board of Directors of the Company will be held on Friday, 15th March, 2024 inter alia, to consider and approve the proposal of issue of bonus equity shares to the shareholders of the Company.

This will be the first bonus issue by Nidhi Granites.

Bonus shares are one of the many corporate actions that listed companies announce on several occasions. Bonus shares are like incentives which are free of cost given to investors. Under this corporate action, new shares are issued at the existing Face Value of equity shares of the company. Hence, the face value remains the same post-bonus issue.

While the ratio of the bonus issue by Nidhi Granites is yet to be known. Theer are some popular bonus shares that are carried by listed companies frequently. They are, 4:1, 1:2, 3:5, 1:10, 2:1, 3:2 and 5:1 ratios.

To be eligible for bonus shares, investors must take note of key dates such as ex-bonus date, record date, and allotment of bonuses date.

Nidhi Granites Earnings:

During Q3FY24, the company reported consolidated revenue from operations at Rs 10.66 crore, registering growth compared to revenue of Rs 6.84 crore in Q3FY23 and Rs 8.67 crore in Q2FY24.

Consolidated PAT also surged sharply to Rs 60 lakh in Q3FY24, as against a profit of Rs 13.93 lakh in Q3FY23 and Rs 8.04 lakh in Q2FY24.

About Nidhi Granites:

Nidhi Granites Limited engages in dealing or trading in shares, securities, and other investments in India. The company is based in Mumbai, India. The company was incorporated in 1981. Earlier, it was engaged in the granite blocks and tiles business. The company was promoted by Manmal Thard, Rajkumar Thard, Pushpa R Thard, and Nidhi.

Disclaimer: The write-up highlights about the latest development in bonus issue, 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.