This multibagger hits new record high as board to consider bonus issue

New Delhi: Shares of , a smallcap textile player, hit a new peak on Thursday after it announced a board meeting to consider the bonus share issue.

The company board is scheduled to meet on August 13 to take on record the results for the quarter ended June 30, 2022, and consider the recommendation of issuance of bonus equity shares, the company said in a regulatory filing.

Following the update, shares of Shubham Polyspin hit a new all-time peak of Rs 225 on Thursday, rising about a per cent. It had settled at Rs 224 on Wednesday.

Recently, AG Dynamic Funds bought 1,02,000 equity shares of the BSE-listed company from the open market for Rs 215.05 per share, taking the deal size to Rs 2.19 crore, as per the bulk deal data.

In another exchange filing last week, the company announced the successful installation and commissioning of a solar power plant in Amaliyara, Gujarat with installed capacity of 1152 KW (DC) for captive consumption.

The project has been funded partly by bank loans, whereas the remaining portion is from internal accruals. The solar plant shall enable the company to substantially reduce its power cost.

Incorporated in 2012, Gujarat-based Shubham Polyspinis is engaged in the manufacturing of Polypropylene Multifilament Yarn of various types including air-intermingled yarn, twisted yarn and bag closing yarn.

Shares of Shubham Polyspin got listed in October 2018 and the scrip has risen more than 925 per cent since. In the last one year, the scrip has doubled from its 52-week low of Rs 112.80.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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