This microcap stock has zoomed over 100% in 5 days; trades at 6-year high

Shares of specialty chemicals company Multibase India were locked in the 10% upper circuit and quoted at the highest level since September 2018.

Shares of specialty chemicals company Multibase India were locked in the 10 per cent upper circuit at Rs 565.30, hitting a multi-year high on the BSE in Friday’s intra-day trade. The stock price of the microcap company was trading higher for the fifth straight day, zooming 107 per cent from a level of Rs 273.6 on November 13.

 

A sharp rally in the stock price of Multibase India was triggered after the company's board recommended an interim dividend of Rs 53 per equity share for the financial year 2024-25. The board fixed Wednesday, November 27, 2024, as the record date. The said interim dividend will be paid/dispatched on or before December 12, 2024, subject to applicable taxes, the company said.

 

Currently, Multibase India trades in the ‘X’ group on the BSE. X group classified equity securities are only listed/traded on the BSE.  Till 10:48 am; around 156,000 shares changed hands and there were pending buy orders for 74,740 shares on the BSE, the exchange data shows. The company’s market capitalisation stood at Rs 713 crore.

 

The stock was trading at its highest level since September 2018. It had hit a record high of Rs 779 on December 22, 2017.

 

As of September 30, 2024, Multibase India total outstanding shares stood at 12.62 million , of which the promoters held 75 per cent stake. The remaining 25 per cent were held by resident individual investors (20.5 per cent), non-resident Indian (1.84 per cent), HUF (1.39 per cent) and corporate bodies (1.09 per cent).

 

Multibase India is engaged in manufacturing, trading and selling of polypropylene compound, thermoplastic elastomer, silicon master batch and thermoplastic master batch. The company operates in automotive, consumer & industrial, and thermoplastic additives with its customers largely present in India.