Penny Stock Below Rs 10 In Focus On Bonus Shares, Dividend & Buyback Buzz

Akshar Spintex a small-cap company in the textile sector is in focus as the Board is in talks to consider 3 corporate actions at a time i.e. bonus shares, dividend and share buyback.

"We hereby inform you that a meeting of the Board of Directors of the Company will be held on Friday - 15th December 2023 at 04.00 p.m. at the Registered Office of the Company situated at REVENUE SURVEY NO.102/2 PAIKI, PLOT NO. - 2 VILLAGE: HARIPAR, RANUJA ROAD, TAL: KALAVAD, JAMNAGAR - 361 013, GUJARAT, INDIA to transact the following agenda along with other businesses as mentioned in notice of the Board Meeting of the Company and any other Business with the permission of the Chair: 01. To consider the proposal of Bonus Issue. 02.

To consider and declare the interim dividend for the financial year 2023-24. 03. To consider and approve the buyback of shares. 04. Any other business(s) with permission of Chair, if any," said Akshar Spintex in a stock exchange filing.

"This is to further inform that, as per Regulation 9 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the Company's Code of Conduct for Prohibition of Insider Trading (the "Code of Conduct"), the Trading Window for dealing in the securities of the Company shall remain closed from Tuesday - 28th November 2023, till the end of 48 hours from the conclusion of the meeting of the Board i.e., Sunday 17th December 2023, both days inclusive, for the Designated Persons and their immediate relatives.

The Trading Window for dealing in securities of the Company shall reopen on Monday 18th December 2023. Accordingly, all Connected Persons / Designated Persons Secretarial Department and their immediate relatives are advised not to deal in the securities of the Company during the aforesaid period of closure of Trading Window," the company informed to stock exchanges.

The company has recently won an order of Rs. 1.71 billion. This milestone of Rs. 171 crore order pertains to the supply of premium yarn to many fast fashion companies by means of an internationally acknowledged customer.
With a buy rating and a recommended buying range centred on the present market price, SEBI-certified analyst Nikhil Bhatt displays a bullish perspective on the stock His targets are set at Rs. 9 to Rs. 12, with a stop loss at Rs. 5.

On Tuesday, the shares of Akshar Spintex were trading 1.40% at Rs 7.25 apiece. The scrip made a 52-week-high of Rs 8.40 on (01/08/2023) and a 52-week-low of Rs 4.85 on (16/01/2023).