175% Return In 1 Yr: High Promoter Holding Auto Stock To Mull Bonus Shares Soon; Do You Own?
As of Friday’s closing session, Veljan Denison, a small-cap company in the auto sector, has a market valuation of Rs 769.05 Cr. One of Dalal Street’s multibagger stocks is Veljan Denison, which has returned 175% in a year.
In fact, during the last trading session, the company hit a new 52-week high of Rs 3,490 per share on the BSE and closed 7.09% higher at Rs 3418. The focus is going to be more on the stock next week as the Board of Directors will consider and declare bonus shares.
Veljan Denison Bonus Shares News
“We wish to inform that the meeting of the Board of Directors of the Company scheduled to be held on today i.e. March 23, 2024, stands adjourned for want of quorum. As per the provisions of Section 174(4) of the Companies Act, 2013, “Where a meeting of the Board could not be held for want of quorum, then, unless the articles of the company otherwise provide, the meeting shall automatically stand adjourned to the same day at the same time and place in the next week”.
Accordingly, the adjourned Meeting of the Board of Directors of the Company to consider, inter-alia, the proposal for issue of Bonus Shares to the equity shareholders of the Company will now be held on next Saturday, March 30, 2024 at A 18 & 19, APIE, Balanagar, Hyderabad – 500 037.
And also in compliance of the provisions of SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018, the “Trading Window” for purchasing / selling or dealing in the securities of the Company which was closed from Monday, March 18, 2024 and shall now be opened forty eight hours after the conclusion of the meeting of the Board of Directors scheduled to be held on March 30, 2024,” said Veljan Denison in a regulatory filing on March 23, 2024.
Veljan Denison News
The company informed stock exchanges on March 21, 2024 that there has been a supply chain breakdown which has caused a partial plant shutdown at the company’s plant in Hyderabad w.e.f. 22.04.2024. Veljan Denison said it is working to ensure that plant operations are restored as soon as possible.
Veljan Denison Financials
On a consolidated basis, the company booked revenue from operations of Rs 35.02 crore in the December 2023 quarter which was 14.9% higher than Rs. 30.48 crore in the December 2022 quarter. Its net profit stood at Rs.
5.63 crore in Q3FY24 which was a growth of 45.29% from Rs. 3.88 crore in Q3FY23. EBITDA reached Rs. 9.24 crore in the most recent quarter of the current fiscal up 29.05% from Rs. 7.16 crore in the same quarter of the previous financial year.
About Veljan Denison
Founded in 1965, Veljan Denison Limited is a trailblazing fluid power enterprise in India. With multiple manufacturing facilities situated in and around Hyderabad, India, the company has been producing an extensive array of pneumatic and hydraulic products, components, and systems for more than 50 years
. With its extensive experience, Veljan can offer comprehensive solutions for every application, including those in the shipbuilding, energy, mobile, and industrial areas. Currently, the company manufactures specialized power systems and manifold blocks, as well as pumps, motors, and valves.
Veljan Denison Shareholding Pattern
During Q3FY24, the company reported 74.98% promoters’ shareholding and a public stake of 25.02%. The promoter stake of the company in the December 2023 quarter was higher than its peers such as Thermax, Action Construction Equipment Ltd, Jyoti CNC Automation, Jupiter Wagons, Titagarh Rail Systems Ltd, Elecon Engineering Company Ltd and Praj Industries.
Vipul Das Goodreturns
source: goodreturns.in
