Hardwyn India incorporates new subsidiary Slimx Interior Solutions
According to exchange data, the smallcap stock has delivered around 100 per cent return in six months as against the 27 per cent return generated by by BSE Services index.
Architectural hardware manufacturer Hardwyn India has announced that it will be setting up a new subsidiary, Slimx Interior Solutions Private Limited.
The company in a BSE filing said that the board has approved the incorporation of the subsidiary, "being subscribers and making an investment of Rs 20,00,000 (2,00,000 equity shares of Rs 10 each), of which Rs 17,00,000 (1,70,000 equity shares of Rs 10 each) shall be subscribed in the very name of the company."
Hardwyn India specialises in manufacturing architectural hardware and glass fittings for various sectors.
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Hardwyn India is an S&P BSE SmallCap company with a market cap of Rs 1,318.42 crore. According to exchange data, the smallcap stock has delivered around 100 per cent return in six months as against the 27 per cent return generated by by BSE Services index.
The stock delivered multibagger returns to its investors in the last two years. It has zoomed more than 800 per cent in the period. The stock's 52-week high is Rs 57 and 52-week low is 17.25.
Earlier in the April-June quarter, Hardwyn India had drafted a scheme of amalgamation with Fiba Hardwyn Locks.
In June, its shares turned ex-date for corporate actions - bonus and sub-division. While the bonus was issued in the ratio of 1:3, the face value of equity shares was sub-divided in the ratio of 10:1.
This was the second issuance of bonus shares by Hardwyn India within a year. In July 2022, it had issued bonus shares in a ratio of 1:2.
The company's net profit in FY2023 jumped 165 per cent to Rs 9 crore from Rs 3.4 crore in the preceding fiscal.
Hardwyn India has provided complete solutions for both residential as well as commercial structures for the past 5 decades.