Multibagger stock: This Shapoorji Pallonji Group company shares surge around 90% in a week – Here’s why

Forbes & Company share price has jumped almost 90 per cent in the last one week, from Rs 445 per share on August 12 to Rs 843.35 per share on today. The counter was locked at an upper circuit of 10 per cent and also touched a new record high during Friday’s session. 

The surge in the stock came after the company last week announced a special interim dividend of Rs 65 and fixed the record date of August 25, 2022, for the same. 

“The Board of Directors of the Company at their meeting held on August 13, 2022, has approved payment of special interim dividend of Rs. 65 per equity share (650%) and has fixed Thursday, August 25, 2022 as the 'Record Date' for the purpose of ascertaining the shareholders who shall be eligible for receipt of special interim dividend,” Forbes & Company said in an exchange filing. 

Formerly known as Forbes Gokak Ltd, the company is part of Shapoorji Pallonji Group and operates with a diversified portfolio. It’s involved in three main areas: engineering, real estate and business of developing payment processing and transaction automation solutions. 

The shares of Forbes & Company have outperformed the market by surging over 115 and 110 per cent in the last six months and in a year as compared over 3 and 7.5 per cent rise in the Sensex. 

The company’s board of directors earlier this month approved, a proposal to enter into a joint venture with Macsa ID for providing innovative laser marking and traceability solutions for the entire range of materials - metals & non-metals, Forbes & Company said in a filing. 

It is proposed to set up joint venture company with equal participation of both, the company, the filing said.