2:1 Bonus Shares: Multibagger Small Cap Stock Hits 52-Week High For 3rd Day In A Row

Small cap stock Avantel Ltd shares continue to maintain an upward rally for the last 3 days as it hit 3rd consecutive upper circuit yesterday. Last trading price of Avantel shares on BSE is Rs 342.05 per share with intraday fall of 0.61% as on November 17, 2023. Avantel stock witnessed a rally of 346% year-to-date and soared 1784% in last 3-years period. Avantel Q2 PAT soared 161.6% YoY to Rs 16.07 crore. Avantel operates in telecommunication sector. Check details below:

Avantel Ltd Announces Record Date For Bonus Share: The company issued a regulatory filing on November 11, 2023 stating, "This is to inform you that pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, November 24, 2023 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders entitled for issue of Bonus Equity Shares of the Company in the ratio of 2:1, i.e., 2 (Two) Equity Shares of Rs.2/- each for every 1 (One) existing Equity Share of Rs.2/- each, which was recommended by the Board of Directors of the Company vide its meeting held on Monday, October 9, 2023 and for which approval of the shareholders have already been obtained through postal ballot on Saturday, November 11, 2023."

Earlier last month on October 9, 2023, Avantel considered and approved 2:1 bonus issue implying shareholders will receive 2 bonus shares for every 1 share hold as on November 24, 2023, which is the record date.

Avantel Stock Outlook & Return: Last trading price of Avantel stock on BSE is Rs 342.05 per share on BSE. Its 52-week high price is Rs 348.00 per share and 52-week low price is Rs 66.00 per share, respectively. It has a market capitalisation of Rs 2773.68 crore. Avantel stock jumped 251% in last 6-months, jumped 346% YTD, rallied 280% in last 1-year, and offered return of 751% in last 2-years. In last 5-years, Avantel stock surged 3348% and gained a massive 16,188% in last 10-years.

Avantel Q2 Financial Results: The company announced that its revenue soared 50.41% to Rs 54.6 crore for the quarter ended September 30, 2023 as compared to Rs 36.3 crore announed in September quarter of last year. Avantel's EBITDA rallied 138% to Rs 25.5 crore in latest quarter as compared to Rs 10.7 crore declared in September 2022 quarter. PAT of Avantel declared at Rs 16.07 crore, up 161.6%YoY.

Avantel About: Avantel offers innovative, customized network centric solutions through products that comply with MIL standards for defence platforms including ships/submarines/aircraft/helicopters", as per its official website.

Disclaimer:

The stock just highlights the bonus share, Q2 result, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.