Multibagger stock Hardwyn India hits 20% upper circuit ahead of ex-date for 1:3 bonus issue, 10:1 stock split on June 5
Hardwyn India's stock price witnessed strong buying ahead of its stock split and bonus issue on June 5th. The small-cap share is a multibagger stock with triple-digit percentage gains in a year.
PremiumHardwyn India recorded a stellar buying sentiment on exchanges as investors accumulated to the smallcap stock before it could turn ex-date for its bonus issue and stock splits on June 5th. The stock has not just skyrocketed to its 20% upper circuit but also clocked a fresh 52-week high. Notably, the stock has continued on three-consecutive days gaining spree.
At the time of writing, Hardwyn's share price traded at ₹612.60 apiece up by ₹92.70 or 17.83% on BSE. The stock continues to see heavy buying flow from traders.
Earlier in the day, the stock touched a new 52-week high of ₹623.85 apiece --- which is also its 20% upper circuit level.
Hardwyn, which is among the architectural hardware manufacturers in India, has emerged as a multi-bagger stock with triple-digit percentage gains in a matter of 1 year.
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In a year, Hardwyn's share price has zoomed by a breathtaking nearly 295%. Last year, on June 02nd, the stock was near ₹156 levels.
The year 2023 so far has also been broadly bullish for Hardwyn's share price.
In 5 trading sessions, the stock has gained by over 50%. While its monthly upside is over 67%. Buy year-to-date, the stock jumped over 80% on BSE.
Last month, Hardwyn announced a bonus issue in the ratio of 1:3. That means, the company will issue one bonus equity share to eligible shareholders for every 3 existing equity shares. The face value is Re 1 each.
Also, the company announced a stock split of 1:10. Simply put, the company's 1 existing share having a face value of ₹10 each will be subdivided into 10 equity shares having a face value of Re 1 each.
The record date to identify eligible shareholders for the 1:3 bonus issue and 10:1 stock split is fixed on June 5, 2023.
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Ex-date is the day when the price of the equity shares of a company gets adjusted for the bonus issue and stock split. It is also the same day as the record date for Hardwyn.
Last week, the company also declared its financial results quarter and year-ended period on March 31, 2023.
In Q4FY23, the company posted a net profit of ₹3.73 crore, up by 125% YoY. However, the company's revenue dipped by 11% YoY to ₹29.88 crore.
Overall, in FY23, the company's net profit surged 165% to ₹9.03 crore from ₹3.41 crore in the previous financial year. EPS stood at ₹1.41, down from ₹2.13 in the December quarter.
Hardwyn is one of the top producers of architectural hardware and glass fittings.
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