Multibagger Stock Hit 5% Upper Circuit As Board Sets Record Date For 1:5 Stock Split

A small-cap metal firm with a market cap of 380 Cr is Geekay Wires. Geekay Wires Limited, an ISO 9001:2008-certified company with headquarters in Hyderabad, produces specialty-grade galvanised steel wires used in various industries, including construction, power transmission, cable & conductor, and general engineering. The shares of Geekay Wires started trading today on the NSE at Rs. 355, up 5% from yesterday's closing of Rs. 345.45, and locked in an upper-circuit limit of Rs. 362.70 during the morning trades. The scrip locked in the upper circuit after the Board of Directors of the company announced record date for 1:5 stock split.

"This is to inform you that in terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Monday, October, 23 as the Record Date, for the purpose of ascertaining the eligibility of shareholders entitled for Sub-division/Split of every 1 (one) equity share of the nominal/face value of Rs. 10/- (rupees ten only) each into 5 (Five) equity shares of the nominal/face value of Rs. 2/- (rupees Two only) each," said Geekay Wires in a stock exchange filing.

The company recorded a net income of Rs 101.30 Cr in Q1FY24 compared to Rs 95.95 Cr in Q1FY23. Its net expenses stood at Rs 88.22 Cr in the June 2023 quarter compared to Rs 90.64 Cr reported in the June 2022 quarter. Geekay Wires reported EBIT of Rs 13.08 Cr in Q1FY24 as against Rs 5.31 Cr in the same quarter of FY23. Geekay Wires said its net profit reached Rs 8.32 Cr in the June 2023 quarter compared to Rs 2.58 Cr in the corresponding quarter of the previous fiscal year.

The shares of Geekay Wires made a 52-week-high today at Rs 362.70 on (12-Oct-2023) and a 52-week-low of Rs 54.70 on (18-Oct-2022), implying that at the current market price, the stock has gained 563.07% from its 1 year low. The stock price soared from Rs 37.50 to the present market price during the past five years, resulting in a multibagger return of 867.20%.

The stock price jumped from Rs 75.25 to the current market price during the past three years, leading to a multibagger return of 378%. The stock price jumped from Rs 61.35 to the current market price during the course of the previous year, which resulted in a multibagger return of 491.20%; on a year-to-date basis, it went up from Rs 74.25 to the current market price, generating a multibagger return of 388.48% so far in 2023. During Q2FY24, the company recorded promoters' shareholding of 59.27% and public stake of 40.73%.