Akshar Spintex Ltd.: Its Bonus Record Date Revised To 15,Feb 2024

News: Akshar Spintex, a company that makes textile products, has changed the date for its bonus issue. The bonus will now be in the ratio of 1:5. This means that the stock, which is currently trading below Rs 5 per share, will not go ex-bonus on February 8 as originally planned. The new ex-bonus date will be in the next week. Investors and traders are likely to pay attention to the stock during this time.

Bonus Shares for Akshar Spintex Shareholders :

On February 6, according to the information provided in a regulatory filing, Akshar Spintex announced the cancellation of the earlier record date, which was scheduled for February 8, 2024. The new and revised record date for the bonus issue is now set for Thursday, February 15, 2024.

So, from now on, shareholders who have Akshar Spintex shares in their demat accounts by the end of February 15 will qualify for the bonus issue. This extension provides additional time for investors to engage in trading activities related to Akshar Spintex.

Akshar explained that the adjustment in the record date is a result of the postponement of the Extra Ordinary General Meeting (EGM). The EGM initially took place on January 31, 2024, but due to insufficient attendance, it was adjourned to February 7, 2024. In order to comply with regulations, the company revised the record date for the bonus issue to February 15, 2024.

The company is planning a bonus issue in the ratio of 1:5. This signifies that for every 5 existing Equity Shares of Re. 1/- each held as of the mentioned record date, shareholders will receive (One) Equity Share of Re. 1/- each as a bonus.

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To put it simply, bonus shares are typically given to current shareholders without any charge. In this corporate action, new shares are issued at the existing Face Value of the company’s equity shares. As a result, the face value remains unchanged even after the bonus issue.

Akshar’s stock on the Bombay Stock Exchange (BSE) concluded at Rs 4.59 per share, indicating a 0.43% decrease, with a market capitalization of Rs 114.75 crore. The stock’s price-to-equity ratio stands at 19.33x, and its return on equity (RoE) is 13.96%, which falls within the normal range.

Akshar Spintex Limited takes great pride in seeing itself as the mastermind behind each strand of yarn it produces. The pursuit of perfection has not only driven the organization’s growth but has also become an integral part of its corporate philosophy.

With a total of 24,480 spindles and an annual production of 7500 MT in cotton yarn, Akshar Spintex Limited operates a mill with a count range from 16’s to 44’s Ne, ensuring contamination-controlled auto-coned carded, semi-combed, and combed yarn. The mill is equipped with the latest German and Japanese technology machinery. Renowned for its commitment to quality, the company is considered an industry leader in meeting the needs and satisfaction of its customers.

Due to the rising demand for high-quality value-added yarns, Akshar Spintex Limited has opted to expand its capacity for producing such yarns. The company will now manufacture a variety of value-added yarns including Carded, Combed, Slub yarn, Core yarn, TFO (Doubling) yarn, Eli Twist yarn, Fancy yarn, Melange yarn, Blended yarn, BCI, and Organic Certified yarn.

According to Trendlyne data, the company’s weekly average delivery volume stands at 100%. However, the stock price is currently trading below all 8 Simple Moving Averages (SMA) and below 7 out of 9 Oscillators in the bearish zone.

Additionally, the stock’s Relative Strength Index (RSI) is at 40.5. Generally, an RSI below 30 is considered oversold, and above 70 is overbought. In this context, Akshar’s RSI is within the normal range. Meanwhile, its Money Flow Index (MFI) is at 25.6, and being below 30 is considered oversold. Therefore, there are possibilities for the stock to experience a rebound.