Multibagger stock hits record high as firm announces record date for bonus issue

Shares of multibagger Sinclairs Hotels Ltd hit their record high in early trade today after the company announced record date for its bonus issue. The hotel player fixed January 29 as the record date for the purpose of ascertaining the eligibility of shareholders for the issuance of fully paid-up bonus shares. The issue of bonus shares will be done in a ratio of 1:1. The multibagger stock touched its record high of Rs 260, rising 7.10% in early trade on BSE.

Earlier, Sinclairs Hotels shares opened higher at Rs 248.75. Sinclairs Hotels market cap rose to Rs 656 crore. Total 1.07 lakh shares changed hands amounting to a turnover of Rs 2.74 crore on BSE.     

Sinclairs Hotels stock has a one-year beta of 0.2, indicating very low volatility during the period. 

In terms of technicals, the relative strength index (RSI) of Sinclairs Hotels stands at 80, signaling it's trading in the overbought zone. The stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.      

The stock has risen 21 per cent this year and zoomed 138.03% in a year. It has delivered 122% returns in a year.

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"Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Monday, January 29, 2024, as the 'Record Date' for the purpose of ascertaining the eligibility of Shareholders for the issuance of fully paid-up Bonus Shares in the ratio of 1:1 (i.e. One equity share of Rs. 2/- each fully paid up for every One existing equity share of Rs. 2/- each), subject to approval of Shareholders which is being obtained in an Extra Ordinary General Meeting of the Company scheduled on January 18, 2024," said Sinclairs Hotels in a stock exchange filing.

Sinclairs Hotels logged a net profit of Rs 1.3 crore in the September 2023 quarter compared to Rs 1.6 crore in the corresponding period last year. Revenue from operations climbed to 10.3 crore in Q2 compared to Rs 9.3 crore in the year-ago period.

On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) in the September quarter came in at Rs 1.1 crore compared to Rs 2.3 crore in the same period last year.

 

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