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Business News/ Markets / Stock Markets/  Multibagger stock hit 5% upper circuit, Board approves 1:1 bonus shares
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Multibagger stock hit 5% upper circuit, Board approves 1:1 bonus shares

With a market valuation of ₹13.07 Cr, Globe Commercials Ltd. is a small-cap company that engages in the commercial services industry.

The shares of Globe Commercials Ltd closed today at a 5% upper circuit limit of ₹43.55. The stock recorded a total volume of 2,169 shares compared to the 20-Day average volume of 11,147 shares. (istockphoto)Premium
The shares of Globe Commercials Ltd closed today at a 5% upper circuit limit of 43.55. The stock recorded a total volume of 2,169 shares compared to the 20-Day average volume of 11,147 shares. (istockphoto)

With a market valuation of 13.07 Cr, Globe Commercials Ltd. is a small-cap company that engages in the commercial services industry. Reportedly, the company engages in operations such as those of buyers, sellers, distributors, stockists, agents, brokers, commission agents, etc. in the areas of sanitary ware, cotton, jute, oils, rubbers, grains, seeds, vegetable products, and other commodities related to steel and cast iron varieties. The company also conducts real estate, trading, and other commercial and service businesses in addition to providing financing to industrial companies, enterprises, and other organisations.

The company said in a stock exchange filing that its Board of Directors has “inter-alia considered and approved the following; 1. Considered and approved to recommend Issue of Bonus shares in the ratio of 1:1 for the approval of the Members in the ensuing 37th Annual General Meeting of the Company. 2. Considered and approved the Addendum to the Notice of 37th Annual General Meeting and authorized dispatch of same to the shareholders. 3. Considered and approved to fix the cut off date i.e. 22.12.2022 as record date for ascertaining the entitlement of shareholders for the purpose of issue of Bonus shares. 4. Approved the appointment of Mrs. Gayatri Kataria as Company Secretary and Compliance Officer of the company. 5. Approved increase of authorized share capital from Rs.5,95,000 to Rs.10,00,00,000 (Ten Crores only) and which is required consequent to issue of Bonus shares and accordingly Resolution has been included in the Addendum to the Notice of 37th Annual General Meeting for the approval of Members."

The shares of Globe Commercials Ltd closed today at a 5% upper circuit limit of 43.55. The stock recorded a total volume of 2,169 shares compared to the 20-Day average volume of 11,147 shares. The stock has been hitting a continuous upper circuit since December 8th, according to the chart pattern. The stock has gained 72.82% during the past five years, and over the past three years, it has generated a multibagger return of 488.51%. The stock has appreciated 61.90% over the past year, and it has climbed 87.72% YTD in 2022. 

The stock has produced a multibagger return of 235.00% during the past six months. The stock has produced a multibagger return over the past month of 125.06%, and over the past five trading sessions, it has gained by 21.14%. The stock had touched a 52-week-low of 9.08 on (06/10/2022), indicating that after hitting a lifetime high today the stock was seen trading 379.62% above the 1-year low. For the quarter ended Q2FY23 or September 2022, the company reported a promoter shareholding of 8.33% and a public stake of 91.67%.

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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).
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Published: 16 Dec 2022, 04:50 PM IST
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