Hardwyn shares: Multibagger hits 52-week high as board sets record date for stock split, bonus issue

Shares of Hardwyn India surged 4 per cent on Wednesday to hit a new 52-week high as the company board announced the record date for the sub-division of equity shares and the issue of bonus equity shares. The company informed the exchange about the same via a regulatory filing.

Hadwyn India announced the sub-division of equity shares in a 1:10 ratio. It means each equity share of the company with a face value of Rs 10 will be split into 10 equity shares with a face value of Re 1 each, the company said in the regulatory filing.

Furthermore, the company also announced the issue of bonus shares in a 3:1 ratio, implying that eligible shareholders will get an additional share of the company for every three equity shares held by them as on the given record date.

The company board has fixed June 5, 2023, as the record date for both aforementioned corporate actions. However, this is subject to approval from the members of the company (shareholders), which will be obtained via postal ballot, through e-voting.

Following the announcement, shares of Hardwyn India surged 4 per cent on Wednesday to Rs 379.75, its new 52-week high. The company was commanding a market capitalization of Rs 960 crore. The scrip had settled at Rs 365.60 on Tuesday.

Hardwyn India has delivered multibagger returns to investors in the long run. Shares of Hardwyn India have surged about 5,325 per cent from its value of Rs 7 in August 2020. The stock has turned 53x in less than three years. Even in the last one year, the stock has gained about 150 per cent.

Hardwyn India is an India-based manufacturer of architectural hardware and glass fittings, which provides solutions to residential and commercial structures.

For the quarter that ended December 31, 2022, Hardwyn India reported net sales of Rs 34.73 crore and a profit of Rs 3.27 crore. The company's EBIT reached Rs 4.73 crore, while its EPS stood at Rs 2.13. It is yet to announce the earnings for the March 2023 quarter.

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