After rallying over 600% in 1 year, multibagger IT stock declares 1:10 stock split
2 min read 21 Mar 2023, 05:02 PM ISTSmall-cap firm Sylph Technologies operates in the IT industry and has a market valuation of ₹52.15 Cr.
PremiumSmall-cap firm Sylph Technologies operates in the IT industry and has a market valuation of ₹52.15 Cr. Leading software technology provider Sylph offers services & solutions for software development. Despite being a stock that has provided multibagger returns, Sylph Technologies has announced a 1:10 stock split and set a record date for the purpose of carrying out the split.
“The Board considered the proposal for sub-division of 1 equity share of the Company having face value of ₹10/- each into 10 (Ten) equity shares having face value of ₹1/- each, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company. Further, the Board recommended consequential amendments in the Capital Clause of the Memorandum of Association of the Company, subject to approval of the Shareholders of the Company. The record date for the sub-division of equity shares shall be decided by the Board and will be intimated to the exchanges," said Sylph Technologies in a stock exchange filing.
To enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors, said Sylph Technologies by citing the reason behind the stock split.
During the quarter ended December 2022, the company recorded a net income of ₹1.12 Cr compared to ₹0.25 Cr recorded during the quarter ended December 2021. The net expenses of the company stood at ₹0.87 Cr during Q3FY23 compared to ₹0.46 Cr recorded in Q3FY22 and its EBIT reached ₹0.25 Cr compared to ₹(-0.21) Cr recorded during the year-ago quarter. Sylph Technologies recorded a net loss of ₹(-0.08) Cr during Q3FY23 compared to a net profit of ₹0.04 Cr recorded during the same quarter of FY22. The EPS of Sylph Technologies stood at ₹(-0.05) during Q3FY23 compared to ₹0.03 during Q3FY22.
The shares of Sylph Technologies closed today on the BSE at ₹35.00 apiece, down by 0.77% from the previous close of ₹35.27. The stock recorded a total volume average of 7,336 shares and a deliverable volume of 100%. In the last 5 years, the stock has generated a multibagger return of 456.44% and in the last 3 years, it has given a multibagger return of 337.50%. In the last 1 year, the stock has generated a multibagger return of 614.29% and on a YTD basis, it has fallen 1.96% so far in 2023. It has produced a multibagger return of 182.03% during the past six months, but over the past month, it has lost 8.02%. The stock touched a 52-week-high of ₹53.00 on (23/01/2023) and a 52-week-low of ₹4.67 (21/03/2022). The company recorded a public shareholding of 100% during Q3FY23.
