Grovy India Ltd, a residential and commercial developer, is drawing attention next week due to its upcoming bonus share issuance. The company has announced a 3:1 bonus share ratio, with the record date set for October 23, 2024. In anticipation of this bonus issue, Grovy India has experienced a remarkable surge, soaring by 72% in just 12 sessions and hitting consecutive new highs with upper circuit limits. Year-to-date, it has emerged as a multi-bagger penny stock, boasting an impressive 158% increase.
As of October 18, Grovy India shares reached an all-time high, closing at Rs 280.50 apiece after a 5% upper circuit limit was triggered. The company’s market capitalization is approximately Rs 93.52 crore, marking it as one of the standout performers of 2024. Grovy shares have consistently hit upper circuits for 11 consecutive sessions, with the last decline occurring on October 4, when the stock was priced at Rs 163.30. Since then, it has rallied nearly 72% on the Bombay Stock Exchange (BSE).
In the current trading week (October 14-18), Grovy India’s stock price surged by 21.5%, and over the past month, it has increased by 82%. Year-to-date, the stock has skyrocketed by 157.58%, climbing from Rs 108.90 at the beginning of the year. According to BSE data, Grovy India has a price-to-earnings ratio of 159.86x and a return on equity of 3.10%.
The company’s bonus issue, which is its first, will allot three fully paid-up bonus equity shares of Re. 10 each for every existing equity share held as of the record date. The board meeting scheduled for October 24 will finalize and approve the allotment of these bonus shares.
Founded in 1985, Grovy India Limited has focused on developing exceptional real estate properties to transform the construction industry. With a team of skilled engineers, architects, planners, and designers, the company has positioned itself as a developer of ‘Boutique Apartments’ and is recognized as one of the top builders in South Delhi. Following a positive response from customers, Grovy India is expanding its projects into the Delhi/NCR region and Rishikesh, with plans to develop high-rise residential complexes, group housing societies, and retail, commercial, and hospitality spaces.
Overall, Grovy India’s recent performance and strategic growth plans make it a noteworthy stock to watch as it continues to evolve in the competitive real estate market.
Disclaimer: This information is for educational and informational purposes only and should not be considered as investment advice. The performance of Grov India Ltd and its stock price may fluctuate due to various factors, including market conditions, economic indicators, and company-specific developments. Investors are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results, and investing in stocks involves risks, including the potential loss of principal.
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