Share price of this small-cap multibagger stock moved up by nearly 16.87% to Rs. 3,165 on BSE in the morning trading session of Monday, compared to its previous closing price of Rs. 2,708.05, after the company board planned to hold a meeting to consider the proposal for issue of Bonus Shares.
With a market capitalisation of Rs. 3,072.62 crores, at 12:17 p.m. the shares of The Anup Engineering Limited were trading in the green at Rs. 3,093.95, up by nearly 14%.
In the last one year, the company has delivered about 212.7 percent of multibagger returns and nearly 45.23 percent of positive returns in the last six months. So far in 2024, it has given positive returns of around 14.5 percent.
According to recent regulatory filings with the stock exchanges, the Board of The Anup Engineering Limited has scheduled a meeting on March 20, 2024, to consider the proposal for the issue of Bonus Shares to the company’s equity shareholders.
In addition to the bonus shares, the company entered into a definitive share purchase agreement worth Rs. 33 crores on 15th March 2024 to acquire 100% equity shares of Mabel Engineering Private Limited.
Mabel provides engineering, fabrication, supply and erection services as well as solutions for pressure vessels, reactors, storage tanks, silos, heat exchangers, heavy structural components, chimneys, and piping systems.
The objective is to broaden the product portfolio, increase capacity and expand geographically, and the acquisition is expected to be completed by May 31, 2024.
In terms of financials, the standalone revenue from operations of Anup Engineering increased by 12.28% YoY from Rs. 114 crore in Q3 FY22-23 to Rs. 128 crore in Q3 FY23-24, accompanied by an increase in net profit by 42.8% to Rs. 20 crore in Q3 FY23-24 from Rs. 14 crore in Q3 FY22-23.
As of December 2023, FIIs hold 0.75 percent of the shares, whereas DIIs hold 11.09 percent of the shares in the company, aggregating to 11.84 percent of the institutional holdings.
The Anup Engineering Limited is a major player in the heavy fabrication industry and is engaged in manufacturing heat exchangers, reactors, pressure vessels, columns & towers, industrial centrifuges and formed components.
Written by Shivani Singh
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