4:1 Bonus Share: Small Cap Stock Rises 55% In 1-Week, To Mull Fund-Raising On Jan 25

Small Cap company operating in Industrial Consumables sector, Salasar Techno Engineering (STEL) shares jumped nearly 15% in trade today. Salasar Techno shares hit fresh 52-week high and witnessed a surge of 55% in a span of just 1-week. Last trading price of the scrip on BSE today is Rs 107.56 apiece with intraday rally of 13.36% at 12:42 pm. Earlier this month, the company fixed February 1, 2024 as the record date for 4:1 bonus share. Now as per the BSE filing of the company dated January 20, Salasar Techno will hold meeting of its Board of Directors to consider fund-raising. Check details below:

Salasar Techno To Consider Fund Raising: As per the exchange filing of the company dated January 20, 2024, "proposal to raise funds, to accelerate business growth and to augment the financial resources of the Company, by way of issue of one or more instruments including Equity Shares, Convertible or Non-Convertible Securities of any description or Warrants or Debt Securities, through Preferential Issue, Private Placefuents, Rights Issue or any other methods or combination thereof as may be permitted under applicableJaws and subject to all necessary approvals, and to appoint requisite intermediaries required for this purpose."

Salasar Techno Engineering Ltd has informed BSE that the meeting of the Board of Directors of the Company has been scheduled on January 25 for the same.

Salasar Techno Shares Outlook & Return Over Years: The 52-week high price of Salasar Techno is quoted at Rs 112.23 apiece and 52-week low price is quoted at Rs 36.00 apiece, respectively. The company has a market capitalisation of Rs 3393.83 crore. Salasar Techno stock recorded a sharp surge of 50% in last 2-weeks. Salasar Techno shares gained 130% in last 3-months, soared 117% in last 1-year, rose 346% in last 2-years, and gained 690% in last 3-years. Salasar Techno shares offered shareholders return of 395% in last 5-years.

Salasar Techno fixes Record Date For 4:1 Bonus Issue: As per the exchange filing of Salasar Techno dated Jan 18, "Board of directors in their meeting held today dated January 18, 2024 has fixed Thursday, February 1, 2024 as the Record Date for the purpose of ascertaining the eligibility of shareholders for entitlement of bonus shares in the ratio of 4:1 i.e. 4 (Four) new fully paid-up bonus equity share of Rs.1/- (Rupees One only) each for every 1 (One) existing fully paid-up equity share of Rs.1/- (Rupees One only) held on Record Date subject to the approval of shareholders is being obtained through the postal ballot notice dated December 20, 2023, last date for the remote e-voting of postal ballot will be Saturday, January 20, 2024 (05:00 P.M.)."

Salasar Techno Financials: The company for the quarter ended September 2023 announced a growth of 21% year-on-year (YoY) in its net profit to Rs 9.05 crore as compared to the net profit of Rs 7.51 crore in the similar quarter of last year. The company's net profit was announced at Rs 11.05 crore in the June 2023 quarter. It declared a surge of over 6% YoY in its revenue from operations to Rs 275.35 crore for the 2nd quarter of the current fiscal year as against Rs 258.78 crore in the corresponding quarter of the year-ago period.

Salasar Techno About: It is an Indian Infrastructure company that provides customized steel fabrication and EPC solutions to the global market. In the year 2006, Salasar started out as a tower manufacturer. Tower manufacturers rarely provided multiple solutions under one roof. Salasar sought to fill this gap by aspiring to become a one-stop shop for India's telecom giants by carrying out engineering, designing, procurement, fabrication, galvanization and EPC under one roof. It has expanded its range of products and services to encompass all the infrastructural needs of a rapidly developing nation, according to its official website.

Disclaimer:

The stock just highlights shares rally in trade today 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 ay losses. Please consult a professional advisor.