The shares of Gloster Limited got locked in an upper circuit of 20 per cent at Rs 1,385 levels till the afternoon on Monday. The stock skyrocketed after the board announced that it will consider a bonus issue of shares.
“This is to inform you that a Meeting of the Board of Directors of the Company will be held on Monday, the 7th of November 2022 to consider amongst other businesses: 1. The adoption of the Unaudited Financial Results for the half year ended 30th September, 2022. 2. Declaration of Bonus Shares to the equity shareholders of the Company,” the company said in its filing.
Gloster Ltd. is engaged in the textile industry. The company produces and exports a wide range of jute and jute-related products, such as woven and non-woven jute geotextiles, treated fabric that is rot-proof and fire retardant, and jute products.
On a year-to-date basis, the stock has delivered a return of 29 per cent YTD. The stock is also trading near its 52-week high of Rs 1,415 which it reached in April this year.
The Q2 results of the company are yet to be published. In Q1FY23, the company reported a total revenue of Rs 179 crores as against a revenue of Rs 184 crores in the same quarter the previous year. Their net profit in the period stood at Rs 14 crores which declined from Rs 18 crores Year on Year (YoY).
The promoters hold a 72.63 stake in the company with zero shares pledged. In addition to that, the Life Insurance Corporation of India (LIC) holds a 12.85 per cent stake in the company as of September 2022.
The small-cap company has a market capitalization of Rs 757 crores and a dividend yield of 2.53% as of October 31st, 2022.
Written by Anoushka Roy
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