Axita Cotton Limited has declared a bonus share issuance with a record date set for December 25th, 2023. Shareholders holding the company’s stock on this date will receive one new bonus share for every three existing shares. However, this is contingent upon shareholder approval at an upcoming Extraordinary General Meeting scheduled for Saturday, December 16th, 2023.
Simply put, if you possess Axita Cotton shares on December 25th, you’ll be entitled to one additional share for every three shares already held, provided shareholders formally endorse the bonus issue during the December 16th meeting.
In Q2FY24, the company demonstrated strong performance. The revenue reached Rs 388.78 crore, marking an impressive 324.23% YoY growth. The operating profit stood at Rs 152.87 crore, and the PAT reached Rs 6.51 crore, indicating a substantial increase of 184.07% YoY.
Axita Cotton operates in the trading of kapas, cotton bales, and cotton seeds, along with ginning and pressing of kapas on a job work basis. The company is also involved in the production of cotton bales and cotton seeds. Over the last five years, the company’s shares have yielded multibagger returns of over 1400%.
This stock has exhibited remarkable growth, making it worthy of close attention from investors.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.