5:1 Bonus Shares: Ex-Date In 2 Days, YTD Return 93%: Buy The Stock?

In two days, Logica Infoway Ltd. will trade ex-bonus for the 5:1 bonus issuance. The corporate action's record date is February 21, 2024, for the same purpose. The stock began trading on the BSE higher today at Rs 1500 each ahead of trading ex-bonus, and it surged to an all-time high of Rs 1,549 during the morning session. The stock was last seen trading at Rs 1547, up 4.03%. Eastern Logica Infoway is one of Dalal Street's multibagger stocks, returning 584.51% to shareholders in a year and 270.01% in six months. Year-to-date (YTD) returns on the scrip total have been 92.87% so far in 2024.

Eastern Logica Infoway Bonus Share News

"The Company has fixed Wednesday, February 21st,2024 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for Issue of Bonus Equity Shares in the ratio of 5:1, which is subject to the approval of shareholders," said Eastern Logica Infoway in a regulatory filing.

Eastern Logica Infoway Financials

With a growth of 14.60% YoY, the firm generated net revenue of Rs 705.48 Cr in FY23 as opposed to Rs 615.58 Cr in FY22. Its total expenses for FY 2022 were Rs 612.19 Cr, but they escalated to Rs 700.56 Cr. The firm had a 40 per cent rise in net profit from Rs 2.51 Cr in FY22 to Rs 3.51 Cr in FY23. The company's 14.6% annual sales growth surpassed its 12.12% three-year compound annual growth rate.

Eastern Logica Infoway Share Price Target

Eastern Logica is bullish but also very overbought on the Daily charts with next resistance at 1536. Investors should book profits at current levels as a Daily close below support of 1329 could lead to a target of 998 in the near term, said AR Ramachandran from Tips2trades.

Disclaimer

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