Hardwyn India shares jump 36% in a week as company mulls bonus issue, stock split

Hardwyn India shares have been under the spotlight for the last one week as the stock has jumped 36 per cent in the last one week ahead of its board meeting scheduled for Wednesday, April 26, 2023, where the board is likely to consider the issue of bonus shares.

Earlier, the company board was likely to consider and approve the agenda for sub-division or split of its equity shares with a face value of Rs 10 each. However, the company board has added the agenda of issuance of bonus shares to the shareholders of the company. Prior to this, the company had announced a bonus in a 1:2 ratio in July 2022.

The Board of Directors of Hardwyn India is scheduled to be held on Wednesday, April 26, 2023, to Issue fully paid-up Bonus Equity Shares to the members of the company, said its exchange filing. "The board will also consider and increase the authorised share capital up to the amount as may be determined and approved by the Board," it added.

Shares of Hardwyn India surged 3 per cent to Rs 350 on Thursday, before trading slightly lower. The scrip had settled at Rs 341 on Wednesday. The stock has risen 36 per cent in just last five trading sessions from Rs 258 levels. The stock hit its 52-week high at Rs 365 on Monday, April 17.

Hardwyn India is an India-based manufacturer of architectural hardware and glass fittings, which provides solutions to residential and commercial structures.

Hardwyn India has delivered multibagger returns to investors in the long run. Shares of Hardwyn India have surged about 5,000 per cent from its value of Rs 7 in August 2020. The stock has turned 50x in less than three years. Even in the last one year, the stock has gained more than 285 per cent.

For the quarter that ended December 31, 2022, Hardwyn India reported net sales of Rs 34.73 crore and with a net profit of Rs 3.27 crore. The company's EBIT reached Rs 4.73 crore, while its EPS stood at Rs 2.13. It is yet to announce the earnings for the March 2023 quarter. 

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