33,500% rally in five years! Multibagger small-cap stock under ₹50 edges higher; here's why
Multibagger small-cap stock: Shares of Hazoor Multi Projects rose on Wednesday's trading session after the company issued 5,27,500 equity shares to two investors, Shilpaben Maheshkumar Shah and Ruturaj Bhalchandra Thakare, through a preferential allotment.
These shares, each with a nominal value of Re 1 and an issue price of ₹ 30 (which includes a premium of ₹ 29), were issued following the conversion of 52,750 warrants. These warrants were originally allotted at ₹ 300 each, with 25% paid in advance, allowing the holders to convert them into an equivalent number of equity shares by paying the remaining 75% within 18 months.
This conversion, which occurred after a subdivision of the company's equity shares, has boosted HMPL's issued and paid-up capital to ₹ 22,49,61,410, comprising 22,49,61,410 equity shares of Re 1 each, which hold the same rights as the existing shares. There remain 87,99,700 warrants still available for conversion.
The Board of Directors of Hazoor Multi Projects Limited (HMPL) has recently sanctioned a major expansion of the company's primary business goals. This strategic decision, evident through new sub-clauses in their Memorandum of Association, enables HMPL to branch out into areas such as Shipbuilding and Engineering, Ship Repair and Maintenance, Maritime Industry, Shipping Logistics and Transport, Mining and Quarrying, Oil and Gas, Environmental Engineering and Sustainability, as well as Hospitality, Lodging, Food and Beverage Services, and Related Travel and Tourism.
This expansion enhances HMPL's opportunities for generating revenue. Additionally, HMPL has obtained a one-year, ₹ 22.995 crore contract from the National Highways Authority of India for the collection of user fees and maintenance services at the Shrishikalan Fee Plaza in Uttar Pradesh.
Hazoor Multi Projects Ltd is a prominent Indian firm specializing in the construction of roads, bridges, and various civil engineering undertakings.
Hazoor Multi Projects share price today opened at ₹ 40.34 apiece on the BSE, the stock touched an intraday high of ₹ 40.50 apiece, and an intraday low of ₹ 39.80 per share. In the last week, the stock decreased by 0.45%. It has dropped by 13.49% over the last three months and increased by 9.99% over the past year.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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