Small-cap stock under ₹10 jumps 22% in three days ahead of 1:5 stock split record date

Stock market news: Filatex Fashions shares have been on an uptrend for the last three sessions. The small-cap stock under ₹10 has been on an uptrend since Friday last week. The penny stock today opened with an upside gap and touched an intraday high of ₹7.86 apiece on the NSE. Comparing this intraday high with Thursday's close of ₹6.46 per share, the small-cap stock has rallied around 22 percent in three straight sessions. The small-cap company has declared a stock split in a 1:5 ratio, and the stock split record date has been fixed on 9th August 2024. However, after declaring fresh orders, the stock came under the radar of stock market bulls. In its exchange filing on Friday last week, the company declared winning its first export order worth $35 million.

Filatex Fashions export order

The small-cap company informed the Indian stock market exchanges about the export order, saying, “We are pleased to inform you that in continuation to the disclosure of purchase order made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on 26.07.2024, worth USD 35 million received by Filatex Mines and Minerals Private Limited, Subsidiary of the Company from Bloomflora Ventures Limited, a press release regarding the recent developments in the Company including the Purchase Order is attached for reference and records of the Exchanges.”

Filatex Fashions stock split 2024

To enhance the liquidity in the capital market and widen the shareholder base, the company, in the board meeting held on 7th June 2024, approved a 1:5 (5-for-1) stock split. The company approved the sub-division of the existing 1 Equity Share of the face value of ₹5, each fully paid up, into 5 Equity Shares of Re 1, each fully paid up. The record date for the purpose of a stock split is fixed as 9th August 2024. The company's authorised share capital, further to the approval of the shareholders in EGM, stands at ₹850 crore divided into 850 crore equity shares of Re 1 each.

In FY23-24, the company posted a net profit of ₹8.95 crore and a total income of ₹179.02 crore. During Q4FY24, the company's net profit was reported at ₹2.56 crore and a total income of ₹69.59 crore. The company is yet to declare its Q1FY25 results.

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