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Friday, January 27, 2023

₹12 to ₹158: Penny stock becomes multibagger within a year. Trade ex-split today at 1:10

Stock split 2023: A long-term investor not only benefits from stock price appreciation, but also from other rewards that a public company advertises for its loyal investors. A stock split is one of the benefits a long-term investor enjoys from the increase in post-split stock trading volume. However, in the case of Deep Diamond India shares, the stock has multibaggered over a period of nearly a year as it rose from around $12 to $158 levels each, delivering around more than 1,200 percent return to its shareholders.

The small-cap stock is trading ex-split today, as the company’s board of directors set January 20, 2023 as the record date for the stock split. The company’s board had announced a 1:10 stock split, which means that a shareholder’s shares will be multiplied by 10 after the stock split. Now, the increase of Re 1 in the action would mean $10 (Re 1 x 10) for those shareholders of the company who are beneficiaries of this subdivision of shares 1:10.

The small-cap company informed Indian stock exchanges about the stock split and the registration date for the stock split citing: “Relating to the above topic, we have provided below the details of the registration date for the following purpose as is mentioned below: Friday, January 20, 2023 for the purpose of subdividing the par value of the capital shares of Rs 10 each to a par value of Rs 1 each.”

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The stock is available for trading on BSE and is trading $16 each after splitting at 1:10. The action was over around $158 on Thursday, recording an increase of close to 1,200 percent over the past year. BSE-listed multibagger penny stocks had ended up with a market capitalization of around $70 crores, which has now been reduced to around $7 crores in early Friday morning deals after the stock split at 1:10. After the stock split adjustment, the new w of the stock is $1.10 while its new 52-week high is $17.20 each at EEB.

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