Small-cap stock below ₹50: Hardwyn share price jumps 7% after Q2FY25 results | Stock Market News
Small-cap stock below ₹50: Hardwyn India Limited, a small-cap stock priced under ₹50, witnessed a 7% surge in its share price on November 14, 2024, following the release of its Q2FY25 results. The company announced impressive financial performance alongside a bonus share issue and an increase in authorized share capital, catching the attention of investors.
Hardwyn India share price opened in the green, up 6.5 per cent, at ₹38.36 on November 18, from the previous close on November 14, 2024, as per BSE.
In its board meeting on November 14, 2024, Hardwyn approved the unaudited standalone and consolidated financial results for the quarter and half-year ending September 30, 2024. The results revealed a substantial increase in revenue and profit compared to the previous year. Revenue from operations for Q2FY25 stood at ₹3,987.04 lakh, an increase from ₹3,634.35 lakh in Q2FY24. Net profit also saw a remarkable jump, reaching ₹387.47 lakh in the quarter compared to ₹134.54 lakh in the corresponding period last year. This growth translated to an earnings per share (EPS) of ₹0.12, a threefold increase from ₹0.04 in Q2FY24.
Bonus shares in 2024
The board also approved the issuance of 13.95 crore bonus equity shares in the ratio of 2:5, meaning shareholders will receive two fully paid equity shares for every five shares they own. This move will increase the company’s paid-up share capital from ₹34.88 crore, divided into 34.88 crore shares of ₹1 each, to ₹48.84 crore, comprising 48.84 crore shares of ₹1 each. The bonus shares will be issued using the company’s reserves, which as of September 30, 2024, amounted to ₹352.50 crore.
Additionally, the board approved an increase in Hardwyn’s authorized share capital from ₹35.10 crore to ₹50 crore. This step aligns with the company’s expansion plans and allows for greater financial flexibility in pursuing future growth opportunities.
