precision wires share price: Multibagger metal stock to turn ex-bonus Thursday

Shares with a bonus will be sold on Thursday. The company announced a share issue last month in the ratio of 1:2. Regarding the aforementioned additional shares, the record date for determining the appropriate shareholders is also December 22.

Eligible investors will be entitled to one share for every 2 shares they hold in the company.

At the beginning of last week, the company inadvertently presented with regard to the bonus fee. But he later clarified that the board meeting for allotment of shares will be held from December 22 (record date), after which the announcement will be made to the stock exchanges.

“With reference to our letter of December 17, 2022, regarding the allocation of additional shares, we wish to clarify that we have inadvertently issued the announcement and request that it be removed,” the company’s filing said.

It ended 7% lower at Rs 105.2 per share on Wednesday.

Most importantly, this is the company’s first ever IPO announcement. The company is currently trading about 85% off its 52-week low.

In the quarter ended September, the company’s net profit fell to Rs 14.66 crore, even as operating income saw a marginal gain.

Precision Wires is a low-debt company that has improved annual net earnings over the past 2 years. Furthermore, the company has consistently delivered high returns over 5 years, Trendlyne data has shown.

The company’s shares have increased by 260% in the last 3 years, and the one-year return is 29%.

Precision Wires India is the largest wire manufacturer in the country. The company’s product range includes enamelled round wires, enamelled rectangular wires, continuously transposed conductors and insulated foil copper conductors.

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