1:1 Bonus Shares: Record In 3 Days On 16th March; Bet On The FMCG Stock Now?

Gujarat Ambuja Exports Ltd. is an FMCG mid-cap company with a market valuation of around Rs 8,700 Cr. The primary products that Gujarat Ambuja Exports Limited (GAEL) produces are edible oils, cotton yarn, feed ingredients, corn starch derivatives, and soya derivatives. Serving the food, pharmaceutical, feed, and several other agro-processing sectors has been GAEL's goal since its founding in 1991. The firm has announced bonus shares in a 1:1 ratio, and the record date for the same is March 16, 2024, meaning that the stock will trade ex-bonus on Friday, March 15.

Gujarat Ambuja Exports Bonus Shares Record Date

"This is to inform you that the Company has revised the record date and approved Saturday, 16th March, 2024 as Record date for the purpose of issuance of bonus shares and the book closure earlier decided by the Company is withdrawn. The members whose names appear (a) as beneficial owners in the statement(s) furnished by the Depository(ies) and (b) as members in Register of Members of the Company as on the close of business hours on Record Date would be entitled for issuance of Bonus equity shares of the Company in the proportion of 1:1 i.e. 1 (One) new fully paid-up Bonus equity share of Rs. 1/- (Rupee One only) each for every 1 (One) existing fully paid-up equity share of Rs. 1/- (Rupee one only) each, subject to approval of the Members of the Company that is being obtained through Postal Ballot," said Gujarat Ambuja Exports in a BSE filing on 29th February, 2024.

Gujarat Ambuja Exports Bonus Shares Update

"Pursuant to Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, the allotment of shares in bonus issue shall be made only in dematerialized form and thus, all the eligible members of the Company holding equity shares in physical mode are hereby advised to dematerialize their physical share certificates by contacting their respective Depository Participant (DP) on or before the Record Date for receipt of bonus equity shares in their respective beneficiary accounts in dematerialized form. In case, shares of the Company are held in physical form as on the Record Date, the bonus equity shares so entitled, shall be transferred to the Suspense Account opened by the Company in this regard," the company further stated in the regulatory filing.

Gujarat Ambuja Exports Financials

On a standalone basis, the company reported net sales of Rs 1,301.78 crore in the December 2023 quarter up 15.22% from Rs. 1,129.86 crore in the December 2022 quarter. Its net profit stood at Rs. 100.66 crore in Q3FY24 up 22.89% from Rs. 81.91 crore in Q3FY23. The company said in a stock exchange filing that its EBITDA reached Rs. 163.99 crore in the reporting quarter of the current fiscal up 21.12% from Rs. 135.39 crore in the same quarter of the previous fiscal.

Gujarat Ambuja Exports Share Price Target

Gujarat Ambuja Exports is slightly bearish on the Daily charts with strong resistance at 422. A daily close below support of 381 could lead to a target of 337 in the near term, said AR Ramachandran from Tips2trades.

Disclaimer

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