Suumaya Corporation Ltd announces bonus in the ratio of 2:1

Suumaya Corporation Ltd (formerly known as Rangoli Tradecomm Ltd - BSE-SME listed company with BSE Code: 543274) is engaged in the trading business of Polymers, Textile products, Metals - ferrous & non-ferrous, manganese & various commodities. The company has established its niche in the commodity trading with strong foothold in the polymer segment.

The company today recommended Bonus Issue of Equity Shares in the ratio of 2:1 (Two Equity shares of bonus against One Equity Share held by the Shareholders as on the record date (subject to approval of shareholders and other regulatory authorities). It has further recommended increase in its Authorized Capital from INR 12 crores to INR 25 crores.

During the first quarter of the new financial year FY2021-22, the company has posted total revenues of INR 2,341 crores. EBIDTA during the quarter stood at INR 85 crores and PAT at INR 63 crores. The overall performance during the quarter is much higher than the performance during the entire previous financial year FY2020-21. The company has registered robust all-round performance on all parameters - Revenues, Margins and Profitability despite challenging economic environment on account of spread of Covid-19 pandemic globally.

Commenting on the bonus issue, Mr. Ushik Gala, Chairman & Managing Director of Suumaya Corporation Ltd (formerly known as Rangoli Tradecomm Ltd) said, "We are extremely delighted to announce bonus issue in the ratio of 2:1. The bonus issue is just a token of appreciation to our shareholders, who have remained our pillar in our growth cycle. Since listing of equity shares in the month of March 2021, the company has registered strong all-round performance. Hence, we decided to suitably reward our shareholders."

He further added, "Global Economy and Indian Economy is witnessing string traction post the second wave. Economic activities across the sectors are picking up at rapid pace and that has led to substantial surge in demand of all major commodities. Commodity prices have surged substantially during the current financial year and we have been able to capitalize on the same effectively. We are optimistic of sustaining our growth momentum during the year."

Shares of Rangoli Tradecomm Limited was last trading in BSE at Rs. 1041 as compared to the previous close of Rs. 955. The total number of shares traded during the day was 30600 in over 44 trades.

The stock hit an intraday high of Rs. 1050.5 and intraday low of 1009. The net turnover during the day was Rs. 31704270.

Source : Equity Bulls

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