Shares of this small-cap stock jumped up to 8.80 percent in Friday’s trading session after the company’s Board is set to meet on January 15th, 2024 to consider and approve sub-division/split of equity shares of the company.
With a market capitalization of Rs 2,258.68 crores, the stocks of Manorama Industries Limited, a leading exporter of sal and mango-based speciality fats & butter, started their trading session on Friday at Rs 2,044, the intra-day high price, and closed at Rs 1894.90.
The high price of the company’s stock indicates a gain of approximately 8.80 percent compared to the previous close of Rs 1878.65 apiece.
In a recent regulatory filing with the Bombay Stock Exchange (BSE), the company intimated that its Board of Directors has scheduled a meeting on January 15th, 2024 to consider and approve the sub-division/split of equity shares of the company.
The same is subject to the approval of the company’s shareholders and such authorities as may be required under the Companies Act, 2013.
Year-to-date, the company’s stock has gained over 80 percent, and, keeping a purview of a year, the company’s stock is close to delivering multibagger returns.
During the recent financial quarters, the operating revenues and after-tax profits showed movements in opposite directions with the former, on one end, moving up marginally from Rs 111.56 crores during Q1FY23-24 to Rs 117.73 crores during Q2FY23-24, and, the latter, due to increase in operating expenses, fell from Rs 11.55 crores to Rs 8.61 crores.
Coming onto the profitability ratios of the company, the return on equity (RoE) fell marginally from 11.69 percent during FY21-22 to 10.52 percent during FY22-23. Moreover, the net profit margin dipped slightly from 8.65 percent to 8.49 percent during the same time horizon.
Founded in 2005, Manorama Industries Limited is engaged in the business of manufacturing, processing, and supply of specialty fats and oils. Selling products within as well as outside India, the company offers products such as oils, butter, and several other tailor-made products.
Written by Amit Madnani
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