Shares of small cap company Ashirwad Capital Ltd (Ashirwad Capital Ltd share) caught investors’ attention today on Thursday as the stock surged by 5%.
Currently, the company’s shares are trading at Rs 4.03, hitting the upper circuit.
This remarkable rally comes on the back of the excellent results reported for the quarter ended June 30, 2023 (Q1FY24).
The company recorded a staggering 140% increase in profits during the June quarter, contributing to its market cap of Rs 24.18 crore.
Impressive June Quarter Results Drive Growth
Ashirwad Capital Ltd witnessed substantial growth in its financial performance during the June quarter.
Revenue from operations soared by an impressive 128.71%, surging from Rs 0.10 crore in Q1FY23 to Rs 0.23 crore in Q1FY24.
The company’s operating profit also rose significantly, registering a remarkable increase of 118.63% from Rs 0.10 crore to Rs 0.22 crore during the same period.
Furthermore, the net profit experienced outstanding growth, shooting up by 140% from Rs 0.09 crore in Q1FY23 to Rs 0.20 crore in Q1FY24.
Notably, the net sales in June 2023 witnessed an impressive surge of 128.21%, reaching Rs 0.23 crore, compared to Rs 0.10 crore recorded in June 2022.
Bonus Equity Shares Approved for Shareholders
The Board of Directors of Ashirwad Capital Ltd has given its recommendation and approval for the issuance of Bonus Equity Shares.
Shareholders of the company as of the record date, which was Wednesday, June 19, 2023, will receive 1 Equity Share for every 2 shares held.
This move aims to further reward the shareholders and reinforce investor confidence in the company.
Stock Performance and Milestones
Ashirwad Capital Ltd’s stock has shown considerable volatility in the past year.
Currently, it has reached a 52-week high of Rs 5.22 per share, while its 52-week low stood at Rs 2.49 per share.
The recent surge in the stock price indicates positive market sentiment and investor optimism following the strong Q1FY24 results.
