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Published: June 3, 2023
Updated: June 3, 2023

Hardwyn India Stock Surges 20% Ahead of Bonus Issue and Stock Split on June 5

Hardwyn India, a leading architectural hardware and glass fittings producer, witnessed a strong surge in its stock price as investors flocked to buy before the ex-date for its bonus issue and stock splits on June 5th. The small-cap stock has experienced remarkable gains, with triple-digit percentage growth over the past year. Let's delve into the details and market sentiments surrounding Hardwyn India.

Skyrocketing Stock Price and 52-Week High:

At the time of writing, Hardwyn's share price traded at ₹612.60 apiece, marking an impressive increase of ₹92.70 or 17.83% on the BSE. The stock hit a new 52-week high of ₹623.85, triggering its 20% upper circuit level. The continuous buying flow from traders indicates strong market demand.

Multibagger Stock Performance:

Hardwyn India has emerged as a multibagger stock, delivering staggering gains of nearly 295% within a year. Last year, in early June, the stock traded near ₹156 levels. The year 2023 has also been bullish for Hardwyn's share price, witnessing a gain of over 50% in just five trading sessions and a monthly upside of more than 67%. Year-to-date, the stock has surged over 80% on the BSE.

Bonus Issue and Stock Split:

Hardwyn announced a bonus issue in the ratio of 1:3, meaning eligible shareholders will receive one bonus equity share for every three existing equity shares. Additionally, the company declared a stock split of 1:10, subdividing each existing share with a face value of ₹10 into ten equity shares with a face value of Re 1 each. The record date to identify eligible shareholders for these events is set on June 5, 2023.

Financial Performance:

In its latest financial results for the quarter and year-ended period on March 31, 2023, Hardwyn reported a net profit of ₹3.73 crore, marking a significant YoY increase of 125%. However, the company's revenue experienced an 11% YoY dip to ₹29.88 crore. Overall, in FY23, the company's net profit surged by 165% to ₹9.03 crore compared to ₹3.41 crore in the previous financial year. The earnings per share (EPS) stood at ₹1.41, down from ₹2.13 in the December quarter.

Investors will monitor ex-date and subsequent stock performance:

Hardwyn India's stock price witnessed a remarkable surge as investors anticipated the upcoming bonus issue and stock split. The company's solid financial performance and positive market sentiment have contributed to its impressive gains. Investors will closely monitor the ex-date and subsequent market reactions.