Porinju Veliyath increases its stake in small cap plywood stocks. The share increases by 6%

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Portfolio of Porinju Veliyath: The small-cap equity czar has increased his stake in Duroply Industries plywood stocks. After proposing preferential issues convertible into shares, the company’s board of directors on Wednesday approved the allocation of 1,58,730 shares of the company worth nearly 2 crores. The plywood manufacturing company offered 10 33,968 preferential issues at the price of 126 each. After the news became public, shares of Duroply Industries began to rise in early morning trading on Thursday and were up more than 6% from its closing price on Wednesday.

BSE-listed Porinju Veliyath’s portfolio stock opened today and hit an intraday high of 156.40 each, registering a rise of around 6.50% in today’s session.

Shareholding of Porinju Veliyath

According to the Duroply Industries Ltd shareholding scheme for the April to June 2022 quarter, Porinju Veliyath and his wife Litty Thomas had retained confidence in the meter in the first quarter of FY23 as both retained their shareholding in society unchanged. Porinju Veliyath owns 2,00,533 shares or 3.10% of the company’s share capital while his wife Litty Thomas owns 1,55,000 shares or 2.40% of the total paid-up share capital of the small cap company.

After adding these 1,58,730 new shares, Porinju Veliyath’s stake in this small-cap plywood company would increase to 3,59,263 shares, or 5.55% of the company’s total paid-up capital. Thus, by purchasing 1,58,730 shares of the company, Porinju Veliyath increased his personal stake in the company to 2.45% of the total paid-up capital of the company. Today, Porinju Veliyath and his wife Litty Thomas together hold 5,14,263 shares or 7.95% of the company’s capital.

As mentioned earlier, BSE-listed Duroply Industries Ltd is a small capitalization company with a market capital of 97 crores only. Its current trading volume is 14,720, nearly double its past 20-day average trading volume of 6,141. Thus, the stock is a low floating stock, which can give a sharp move on a single trigger, as we saw it today. The 52-week high for this Porinju Veliyath small cap stock is 162 while its 52 week low is 76 each. It has delivered a 23% year-to-date return to its shareholders, while over the past year it has delivered almost 40% return to its equity investors.

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