Small Cap Stock Rockets 20% After Announcing Meeting To Consider Bonus Shares

Shares of Grauer And Weil surged sharply on Thursday rising close to 20% to hit a new 52-week high of ₹195.90.

What Happened: The massive surge today comes as the company on Wednesday evening, informed the exchanges about a board meeting to consider the issuing of bonus shares. As per the disclosure, the board meeting is scheduled for February 26.

See Also: Paytm Shares Halt Upward March As Brokerage Cuts Target Price

Earlier this month, the company posted its earnings for the quarter ended December. The company reported a 14.83% increase in revenue compared to the same period last year, reaching ₹294.38 crore. Net profit for the period rose by 24.13% year-on-year to ₹42.75 crore.

With a market cap of around ₹4,000 crore, the small company provides a diverse array of services encompassing automatic plating lines, phosphating plants, painting plants, filtration systems, electrochemicals, effluent treatment plants, metal recovery systems, and electroplating filter pumps, among others. The company’s manufacturing facilities are spread across Dadra, Vapi in Gujarat, Barotiwala in Himachal Pradesh, Samba in Jammu Kashmir, Khed in Pune, and Kandivli in Mumbai.

Price Action: Shares of the company were up 16.17% to trade at ₹189.70 shortly after market open.

Read Next: Why ITC Shares Jumped Back In Green After 2 Days

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsMarketsMoversTrading IdeasGrauer And Weil