Business News/ Markets / Stock Markets/ Given 804% YTD return, the Board of multibagger stock recommends stock split

Given 804% YTD return, the Board of multibagger stock recommends stock split

2 min read 02 Oct 2022, 06:27 PM IST Trade Now

With a market valuation of ₹41.74 Cr, Deep Diamond India Ltd. is a small-cap company that operates in the consumer discretionary industry

Deep Diamond India Ltd., which was established in 1993, has been around for 25 years and offers a wide selection of 18K diamond jewellery for men and women

With a market valuation of ₹41.74 Cr, Deep Diamond India Ltd. is a small-cap company that operates in the consumer discretionary industry. Deep Diamond India Ltd., which was established in 1993, has been around for 25 years and offers a wide selection of 18K diamond jewellery for men and women. The company also produces diamond belts, cufflinks, and shirt buttons for men.

The company has said in a regulatory filing that its Board of Directors has “Recommended the proposal for split/sub-division of the Company's one (1) equity share of the face value of Rs. 10/- each fully paid-up into 10 (ten) equity shares of the face value of Re. 1/- (One) each fully paid-up, subject to the approval of shareholders and other approvals as may be required. The Record Date will be intimated in due course, upon receipt of approval of shareholders through postal ballot process."

The authorized share capital of the company is INR 10,00,00,000/- (Rupees Ten Crore only), divided into 10,00,00,000 (Ten Crore only) equity shares of INR 1/- (Rupee One only) each, as per the company.

The company has also informed stock exchanges that “The Board of Directors is also optimistic about the gold jewellery business. Hence, the Board of Directors approved the formation of a new subsidiary company. The main object of the proposed subsidiary company would be to carry out the gold jewellery business and its allied activities. The gold jewellery business of Deep Diamond India Limited will be transferred gradually into a subsidiary through a business transfer agreement, post incorporation."

The company has also said in stock exchange filings that “Indian pharma exports witnessed a growth of 103% from 2013-14, from Rs. 90, 415 Crores in 2013-14 to Rs. 1,83,422 Crores in 2021-22(Source: Posted on May 1, 2022, by PIB Delhi). And a similar growth story in the domestic market. The Board of Directors intends to encash long-term sustainable opportunities in the pharmacy and healthcare industry. Thus, it is informed that the Company proposes to seek approval of shareholders through the postal ballot process to alter the main object of the company's memorandum of association to the pharmaceutical and healthcare industry."

The shares of Deep Diamond India Ltd closed on Friday at ₹134.50 apiece, down by 1.47% from the previous close of ₹136.50. An all-time high return of 830.80% has been achieved by the stock. The stock has given a staggering multibagger return of 1191.58% over the past three years and a multibagger return of 796.67% over the past five years. In the last 1 year, the stock has generated a multibagger return of 989.07% and on a YTD basis, the stock has generated a multibagger return of 804.51% so far in 2022.

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ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).