Grovy India Ltd, a developer of residential and commercial properties, is currently in the spotlight due to its upcoming 3:1 bonus share issue. The record date for this bonus issue is set for October 23, 2024, and the company will reward shareholders with three fully paid bonus equity shares for every existing share they hold.
This announcement has fueled a rapid surge in Grovy India’s stock, which has seen a dramatic rise of 72% over just 12 trading sessions, reaching new all-time highs and hitting the upper circuit repeatedly. Year-to-date (YTD), the stock has jumped by 158%, solidifying its status as a multibagger in 2024. It currently trades at Rs 280.50 per share, with a market cap of Rs 93.52 crore.
The company’s price-to-earnings ratio stands at 159.86x, and its return on equity is reported at 3.10%. The board of directors is set to meet on October 24 to finalize the allotment of these bonus shares. This will mark the company’s first-ever bonus issue.
Grovy India Ltd, founded in 1985, has made a name for itself in South Delhi as a developer of luxury boutique apartments. The company is now expanding its footprint into other parts of Delhi/NCR and even Rishikesh, with plans to further venture into high-rise residential complexes and retail, commercial, and hospitality projects.
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