1 bonus share announcement, investors collapse after buying shares, upper circuit applied, price rises 1796% in one year

Bonus shares declared: Minutes before the close of business on Monday, RMC Switchgears Ltd announced bonus shares. After this its stock hit a circuit above 5%. The company’s share closed at Rs.802 today. The company will issue one bonus share to existing shareholders for every two shares held by them on the record date. The bonus shares will be issued out of the share premium amount available till March 31, 2023.

What are the details?
RMC Switchgears will deposit the bonus shares within two months from the date of approval by its Board of Directors i.e. before October 31, 2023. This is the first bonus issue of equity shares that the company has announced. The record date for bonus issue has not been fixed yet.

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Stock position of the company
Shares of the company have gained 21.91% and 35.28% in the last five days. The stock has gained 256.53% in the last six months and 1,796.45% in the last one year. Within a year, the company’s shares have risen from Rs 42 to the current price.

This company will give 4 bonus shares for 1 rupee, share price increased by 1254 rupees in a single day, investors are happy

Company business
RMC Switchgears is primarily engaged in the business of designing and manufacturing energy meters, LT/HT distributor boxes and panels, junction boxes, feeder poles and other power distributors and circuit protection switchgears enclosures made of stainless steel.