Multibagger stock is 400% above 52-week-low, record date set for 1:5 stock split
The SME sector is the focus of Latteys Industries Ltd, a small-cap company with a market valuation of ₹165 Cr. The company manufactures pumping systems for the domestic, agricultural, and industrial markets. Since 2004, pumps have included horizontal openwell submersible pumpsets, shallow-well pumps, self-priming pumps, monoblock centrifugal pumps, and submersible pumps. The firm produces more than 700 different pump models across its range, with an installed manufacturing capacity of over 1,20,000 pumps annually. The company’s Board of Directors has established a record date and the specifics are as follows for the purpose of a 1:5 stock split.
Latteys Industries said in an NSE filing that “Pursuant to Regulation 42 of Sebi (LODR) Regulations 2015, we wish to inform you that the record date shall be 10th of February 2023 to determining the eligibility of Members for the purpose of Sub-Division of Equity Shares of the Company from Face Value of Rs. 10/- each to face value of Rs. 2/- each (with a corresponding increase in total no of Shares).”
The record has been fixed for the purpose of split/sub-division of 1 equity share from an existing face value of Rs. 10/-each to 5 equity shares of face value of Rs. 2/- each and the company claims that the stock split action has been announced to encourage wider participation of retail and small investors by making the share price more affordable, as also to enhance the liquidity of the equity shares at the stock markets.
On June 5, 2018, the company was listed on the NSE with an issue price of ₹66 per share. Since that level, it has risen in value to the present market price, reaching an all-time high of 111.76% in the previous five years. On Friday, the shares of Latteys Industries closed on the NSE at ₹144.00 apiece level, down by 3.36% from the previous close of ₹149.00. The stock price climbed from ₹21.82 to the current market price over the past three years, resulting in a multibagger return of 559.95%.
The stock price soared from Rs. 56.45 to the current market price during the course of the past year, resulting in a multibagger return of 155.09%. The stock has appreciated 84% over the past month, but it has plummeted 3.36% during the past week. The stock touched a 52-week-high of ₹166.00 and a 52-week-low of ₹28.80, indicating that at the current market price, the SME stock Latteys Industries is trading 13.25% below the 1 year high and 400% above the 1-year low. The company holds a promoter shareholding of 72.26% and a public stake of 27.74%.
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