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Multibagger stock that surged 1700% in 3 years fixes record date for stock split

Multibagger stock has delivered 800% return in last one year. Small-cap multibagger stock has announced stock subdivision in 1:10 ratio

Multibagger stock: The board of directors of Axita Cotton Ltd has fixed 21st October 2022 as record date for stock split. The small-cap company board has already declared stock subdivision in 1:10 ratio. As per the information available on BSE website, Axita Cotton Ltd has announced subdivision of shares from existing ₹10 per equity share into 10 shares of Re 1 per equity share.

Informing Indian stock market exchanges in regard to stock split record date, Axita Cotton Ltd said, “The Members of the Company in their 9th (Ninth) Annual General Meeting approved sub-division of every 1 (One) Equity Share of the nominal/face value of ₹10/- each into 10 (Ten) Equity Share of the nominal/face value of Re 1/- each.”

Abhu Dhabi fund buys stake in Ashish Kacholia-owned multibagger stock that surged 650% in 2 years

Multibagger stock: As per shareholding pattern of Gravita India for Q1FY23, Multibagger stock: Abu Dhabi Investment Authority has invested ₹18.47 crore

Abu Dhabi Investment Authority (ADIA) — a globally-diversified sovereign wealth fund owned by the Emirate of Abu Dhabi — has bought stake in Ashish Kacholia portfolio stock Gravita India. As per the BSE bulk deals, ADAI has bought 5,56,493 Gravita India share in a bulk deal executed on 7th September 2022. The Abu Dhabi wealth fund bought these shares paying ₹332 apiece. This means the Ashish Kacholia portfolio stock has attracted foreign portfolio investment (FPI) to the tune of ₹18,47,55,676 or ₹18.47 crore.

Gravita India is one of the multibagger stocks that Dalal Street has produced in post-Covid rebound. In last two years, this Ashish Kacholia-owned stock has surged from ₹45 to ₹345 apiece levels, logging around 650 per cent return in last two years. In last one year, this multibagger stock has ascended from around ₹200 to ₹345 apiece levels, logging more than 70 per cent rise in last one year.

Wipro shares hit 52-week low post Q2 results. Good time to buy or sell? Wipro shares plunged more than 6% to hit a 52-week low on the BSE in Thursday’s early deals

Shares of Wipro Ltd plunged more than 6% to hit a 52-week low of ₹383 apiece on the BSE in Thursday’s early trading session after the IT services major reported an over 9% drop in its September quarter net profit to ₹2,659 crore, weighed down by rising staff expenses and lower non-US earnings.

The Bengaluru-based company’s revenue from operations stood at ₹22,539 crore, up 14.6% growth over ₹19,667 crore in the previous year. Wipro in its outlook for the December quarter said it expects revenue from our IT services business to be in the range of $2,811 million to $2,853 million. This translates to a sequential growth of 0.5% to 2%.

 “We lower our FY23/FY24 EPS estimate by 6%/2% to factor in a miss on growth and elevated risk. We maintain our Neutral stance as we view the current valuation as fair,” said domestic brokerage and research firm in a note.

The brokerage maintained its Neutral stance on Wipro shares with a target price of ₹380 as it awaits further evidence of the execution of Wipro’s refreshed strategy, and a successful turnaround from its growth struggles over the last decade before turning more constructive on the IT stock.

“Wipro reported a modest Q2 performance. The revenue growth and margins were both soft, but broadly in line with expectations. Q3 revenue growth guidance was disappointing. EBIT margins of 15% in H1, with two months of wage hike impact yet to come (in Q3), means the company will not be able to report margins much above its declared floor of 15%,”

Over the last eight quarters, Wipro’s margins have fallen by over 600 bps, primarily due to acquisitions like Capco and Rizing, which have led to a big reset at gross margin levels.

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