Salasar Techno Hit 5% Upper Circuit As Scrip Trades 4:1 Ex-Bonus; Up 120% YTD

Small-cap industrial company Salasar Techno Engineering Ltd. began trading today at a higher price of Rs. 28.85 per share and surged to reach the 5% upper circuit limit at Rs. 29.45, marking a new 52-week high level seen during the morning trades. The rally in the stock price was witnessed after the stock traded ex-bonus on Thursday, 1st February due to the purpose of the 4:1 bonus share announcement.

In their meeting on January 18, 2024, the company's Board of Directors decided to set Thursday, February 1, 2024 as the record date. This will allow them to determine which shareholders qualify for bonus shares, which will be awarded in the ratio of 4:1-that is, for 4 new fully paid-up bonus equity shares of Rs.1/- each for every 1 existing fully paid-up equity share of Rs.1/- held on record date.

Regarding announcing an update regarding the above-said bonus shares and financial results for the quarter ended 31st December 2023, Salasar Techno Engineering said in a regulatory filing that "In terms of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the meeting of the Board of Directors of the Company is scheduled to be held on Saturday, February 03, 2024 at 04:00 P.M. at the Company's Unit-1 office situated at Khasra No. 265, 281-288, Parsaun-Dasna, Jindal Nagar, Distt. Hapur 201015, inter-alia, to transact the following businesses: 1. to consider, approve & take on record the Standalone & Consolidated Unaudited Financial Results of the Company for the quarter/Nine months ended 31st December, 2023; 2. to make the allotment of Bonus Shares to all the eligible shareholders, who holds shares on the already intimated Record Date i.e. 1st February, 2024. Bonus Shares shall be allotted in the ratio of 4:1 (4 new bonus Shares for every 1 existing equity shares) as all necessary approvals already been obtained; 3. any other item with the permission of the Chair."

Salasar, which carries out engineering, designing, procurement, fabrication, galvanization, and EPC under one roof, has been a one-stop shop for India's telecom titans since 2006. The scrip has generated a multibagger return of 194.79% in the last 6 months and 230.16% in 1 year. YTD the stock has generated a multibagger return of 120.06% so far in 2024.