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Business News/ Markets / Stock Markets/  Porinju Veliyath raises stake in small-cap plywood stock. Share rises 6%
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Porinju Veliyath raises stake in small-cap plywood stock. Share rises 6%

Porinju Veliyath portfolio: Board of directors of small-cap company has allotted 1,58,730 fresh shares of the company

Porinju Veliyath and his wife Litty Thomas together own 5,14,263 shares or 7.95 per cent stake in the company. Photo: Porinju Veliyath twitterPremium
Porinju Veliyath and his wife Litty Thomas together own 5,14,263 shares or 7.95 per cent stake in the company. Photo: Porinju Veliyath twitter

Porinju Veliyath portfolio: Czar of small-cap stocks has raised his stake in plywood stock Duroply Industries. After offering preferential issues convertible to equity shares, the board of directors of the company on Wednesday approved allotment of 1,58,730 shares of the company worth to the tune of near 2 crore. The plywood maker company has offered 10,33,968 preferential issues at a price of 126 apiece. After the news became public, shares of Duroply Industries started ascending from the early morning session on Thursday and logged more than 6 per cent rise from its Wednesday's close price.

The BSE listed Porinju Veliyath portfolio stock today opened upside and went on to hit intraday high of 156.40 apiece, recording around 6.50 per cent rise in today's session.

Porinju Veliyath shareholding

As per the shareholding pattern of Duroply Industries Ltd for April to June 2022 quarter, Porinju Veliyath and his wife Litty Thomas had kept faith in the counter in Q1FY23 as both had kept their shareholding in the company unchanged. Porinju Veliyath holds 2,00,533 shares or 3.10 per cent stake in the company whereas his wife Litty Thomas owns 1,55,000 shares, which is 2.40 per cent of total paid up capital of the small-cap company. 

After addition of these 1,58,730 fresh equity shares, Porinju Veliyath's shareholding in this small-cap plywood company would surge to 3,59,263 shares or 5.55 per cent of total paid up capital of the company. So, by buying 1,58,730 shares of the company, Porinju Veliyath has raised his personal stake in the company by 2.45 per cent of total paid up capital of the company. Now, Porinju Veliyath and his wife Litty Thomas together own 5,14,263 shares or 7.95 per cent stake in the company.

As mentioned earlier, BSE listed Duroply Industries Ltd is a small-cap company with market capital of 97 crore only. Its current trade volume is 14,720, which is almost double of its last 20 days average trade volume of 6,141. So, the stock is a low float stock, which may give sharp movement on a single trigger as we witnessed today. 52-week high of this small-cap Porinju Veliyath stock is 162 whereas its 52-week low is 76 apiece. It has delivered 23 per cent YTD return to its shareholders whereas in last one year, it has given near 40 per cent return to its stock investors.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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.
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Published: 14 Jul 2022, 01:47 PM IST
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