22 Jul , 2022 By : Kanchan Joshi
Shares of Shubham Polyspin Ltd continued to extend gains and were trading at its all-time high level of Rs228 apiece on the BSE in Friday's trading session after the company unveiled its plans to consider the issue of bonus equity shares. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
The company on Wednesday informed in a regulatory filing to the exchanges that the meeting of the board of directors of the company is scheduled to be held on Saturday, 13th August, 2022 to take on record Unaudited Financial Results for the quarter ended on 30th June, 2022 and also to consider recommendation of bonus equity shares along with reviewing business activities of the company.
Incorporated in 2012, Gujarat-based Shubham Polyspinis is engaged in the manufacturing of Polypropylene Multifilament Yarn of various types including air-intermingled yarn, twisted yarn and bag closing yarn.
The company's shares made stock market debut on BSE and NSE in October 2018 and have given multibagger return of more than 940% since then. The multibagger stock has rallied more than 32% in 2022 (year-to-date or YTD) so far.
In another update last week, Shubham Polyspin said that “the company is pleased to inform that it has successfully installed and commissioned a solar power plant at Village: Amaliyara, Dist.: Aravalli, Gujarat with installed capacity of 1152 KW (DC) for captive consumption which has been funded partly by Bank Loan in addition to internal accruals. The solar plant shall enable the Company to substantially reduce its power cost. The Company shall also be able to take benefit of enhanced depreciation @ 40% p.a. on the plant & machineries of the solar plant as per extant Income Tax Act provisions."
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