Ddev Plastiks Shares hit a fresh 52-week high as the company announces record date for bonus issue

Significant losses in the financial services and banking sectors were causing Indian headline indices to trade considerably lower. Contrarily, BSE Metals surprised investors while posting gains of over 1% led by Jindal Steel & Power Ltd. The BSE Smallcap index outperformed the main indices by a wide margin and displayed investor optimism. 

Ddev Plastiks Industries Ltd, one of the top gainers from the BSE Smallcap pack, kept small-cap bulls busy in an otherwise weak market day. On an intraday basis on Tuesday, shares of Ddev Plastiks Industries Ltd soared more than 11%, reaching a 52-week high of Rs 180 per share on the BSE. 

Shares have experienced substantial buying interest as the board of directors set June 30, 2023, as the record date for determining shareholder eligibility for the bonus share issue. The board of directors recommended issuing bonus shares in a ratio of 1:10, i.e. one bonus equity share of Re 1 for every ten fully paid-up equity shares of Re 1 held as of the record date, subject to approval by the shareholders of the company.  

Additionally, the company recorded spectacular growth in net profit and revenue, prompting investors to provide attention to the company. Shares of the company have skyrocketed more than 300% in the past year while providing notable returns of over 20% in a month!    

The Group was founded in 1977 with a speciality 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 company offers a wide range of products for the wire and cable industry, including building wires, control and instrumentation cables, insulation and jacketing of wires.  

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