This BSE listed multibagger smallcap stock spikes to ATH for second day in a row in a subdued market

Shares of the BSE-listed Bondada Engineering in trade on April 12 marked their ATH of Rs 1180, a gain of over 3 per cent.

The gains in the stock are propelled and the stock has run-up to hit its ATH for the second consecutive trading session as the company informed about the incorporation of a new subsidiary. “We wish to inform the stock exchange that the Company has incorporated a Wholly Owned Subsidiary namely, Bondada Green Engineering Private Limited,” said the company in its filing on Wednesday.

The subsidiary company-Bondada Green Engineering Private Limited will enjoy an authorised capital of Rs 1 crore and paid up capital of Rs 1 crore. The company is yet to commence its business. The main objective of the new subsidiary is to manufacture metal frameworks or skeletons for construction, including towers, masts, trusses, bridges, and other related components.  

“New Wholly owned subsidiary is incorporated in India and registered with Registrar of Companies, Hyderabad, Telangana on April 3, 2024 and is yet to commence their business operations, noted the company’s filing.
The company is a multibagger scrip having run-up a bountiful 462.57 per cent in the last six months and 160.66 per cent in the last three months.

As of the December ended quarter, FII stake in the firm was at 0.48 per cent, while 36.19 per cent is held retail and another investor category. The company’s technicals suggest that RSI is in the overbought level hinting that there may be a correction in the near term.

Bondada Engineering Limited (BEL) is formed by a team of qualified professionals with the motto of serving the infrastructure sector by providing end-to-end solutions. The company is headquartered in Hyderabad.