Home / Markets / Stock Markets /  Multibagger stock surges over 500% in 3 years, Board to issue 2:1 bonus shares

A small-cap business with a market worth of 423.69 Cr, Commercial Syn Bags Ltd operates in the industrial industry. Headquartered in Indore, the company manufactures FIBC, Tarpaulin, Woven Sacks, and BOPP Bags. Comsyn belongs to the 50-year-old Choudhary Group and with a production capacity of 21000 M.T per year, the firm can create 4-5 million bags every year. To consider 2:1 bonus shares, the Company's Board of Directors will meet on Tuesday, November 29, 2022.

The company has said today in a stock exchange filing that “Pursuant to Regulation 29(1) of SEBI (LODR) Regulations, 2015 read with SEBI (PIT) Regulations, 2015 as amended from time to time, we are pleased to inform that 10/2022-23 Meeting of the Board of Directors of the Company is scheduled to be held on Tuesday the 29th day of November, 2022 at 12:15 P.M. at the Registered Office of the Company to consider and approve the following businesses along with other routine businesses: a) To consider and approve allotment of 2,66,34,800 new equity shares of Rs.10/- each to existing shareholders in the proportion of 2:1 i.e. 2 (Two) new equity bonus share of Rs. 10/- each for every 1 (One) existing fully paid equity share(s) of Rs. 10/- each. b) To consider and approve any other matter incidental thereto."

On a consolidated basis, Commercial Syn Bags' net profit dropped by 97.66% YoY to 0.10 crore in the quarter that ended in September 2022 compared to 4.27 crore in the same quarter a year earlier. In Q2FY23, sales dropped 4.13% YoY to 72.40 crore from 75.52 crore in Q2FY22. In Q2FY23, the EPS plummeted to 0.04 per share from 3.61 per share reported in Q2FY22.

Commercial Syn Bags Ltd. shares decreased by 0.063% from yesterday's close of Rs. 318.35 and closed today at Rs. 318.15 a piece. 11,714 shares were traded in total today for the stock. The stock has produced a multibagger return of 607.00% over the past five years and a multibagger return of 536.30% during the past three years. The stock has appreciated 37.10% over the past year, and it has climbed 18.76% YTD in 2022. The stock had touched a 52-week-high of 388.00 on (09/11/2022) and a 52-week-low of 211.60 on (23/11/2021), indicating that at the current market price the stock is trading 18% below the high and 50.35% above the low. For the quarter ended September or Q2FY23, the company recorded a promoter stake of 58.66% and a public stake of 41.34%.

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).
Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout