Multi-bagger stock hits 52-week high as board likely to announce bonus & dividend

The Indian headline indices began the session with a bang, thanks to a robust upswing in financial services and banking stocks, particularly IndusInd Bank, Bajaj Finance and Bajaj Finserv. Despite rising, broader indices lagged behind the main indices.

With its strong uptrend, Ddev Plastiks Industries Ltd, the top BSE Smallcap gainer, kept small-cap bulls busy. On an intraday basis on Monday, the shares of Ddev Plastiks Industries Ltd soared more than 12%, reaching a new 52-week high of Rs 118.20 per share on the BSE.

The company announced that the first meeting of the company’s board of directors in 2023-24 will be held on May 16, 2023, to consider, approve and record the audited financial results; recommend a dividend, if any, for the financial year ended March 31, 2023; and consider a proposal to increase the company’s authorized capital with the declaration of bonus shares.

Shares of the company have skyrocketed more than 170 % in the past year, with stellar returns of about 25% in just the last one month!

The Group was founded in 1977 with a specialty as a quality polymer compounder in India. The annual capacity is roughly 3,00,000 tons and the company is the global leader in PE compounds for the low and medium power cable industries. The leadership position is strengthened by a diverse product base that is utilized in the manufacture of building wires, control and instrumentation cables, insulation and jacketing of wires in the wire & cable industry, as well as industries such as packaging and footwear.

Keep a close eye on this scrip for the upcoming sessions!