Multibagger stock hits upper circuit after announcement of bonus share, dividend

Multibagger stock: Jyoti Resins and Adhesives Ltd shares are one of the multibagger stocks in 2022 as the stock has surged from around ₹1120 to ₹2257.50 apiece levels in year-to-date (YTD) time, logging around 101 per cent rise this year. On Tuesday, the company announced 75 per cent final dividend for FY2021-22 and 2:1 bonus share. It seems that Dalal Street like this announcement as Jyoti Resins and Adhesives Ltd share price today opened upside and went on to hit upper circuit in early morning deals.

Jyoti Resins and Adhesives Ltd share price history

In last one month, this BSE listed stock has added 1.75 per cent whereas in YTD time, it has shot up more than 100 per cdent. In last six months, this BSE stock has shot up from ₹804 to ₹2257.50 apiece levels, logging more than 180 per cent rise in this period. However, in last one year, this multibagger stock has delivered 270 per cent return to its shareholders.

Jyoti Resins and Adhesives Ltd announced 2:1 bonus shares and 75 per cent final dividend for FY22 in its exchange communication dated 17th May 2022.

As per the information available on BSE, "Jyoti Resins & Adhesives Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 17, 2022, inter alia, has considered and approved the following:

1] Recommendation of the final dividend for the financial year 2021-22 at the rate of Rs. 7.50 per equity share (i.e. @ 75%) of Rs.10/- each fully paid for financial year the 2021-22 to the shareholders for approval at the ensuing AGM. The dividend if approved by the shareholder at the AGM, will be paid to eligible shareholders within the stipulated time.

2] Recommended issue of Bonus Equity Shares in proportion of 2:1 i.e. 2 (Two) new fully paid-up Equity Share of Rs.10/- (Rupees Ten only) each for every 1 (One) fully paid-up Equity Shares of Rs.10/- (Rupees Ten only) each held by the eligible members of the Company as on the ''Record Date'', subject to the shareholders'' approval."