LT Foods hits new high on fixing record date for stock split

The stock hit a new high of Rs 334, up 5% on the BSE in intra-day trade.

LT Foods has moved higher to its new high of Rs 334, up 5% on the BSE in intra-day trade, after the company fixed February 08, 2017 as record date for the purpose of sub division of equity shares from Rs 10 to Re 1.

The board of LT Foods, the company engaged in the manufacture and sale of rice under the brand DAAWAT, on November 14, 2016, had approved sub division of equity shares of one equity share with face value of Rs 10 each to ten equity shares with face value of Re 1 each.

The market price of the company has witnessed significant increase over the last few years.

“In order to facilitate affordability of the company’s shares for investors at large and to enhance the liquidity of the company’s equity shares in the stock market, it is proposed to bring down the nominal face value of equity shares of the company from Rs 10 to Re 1”, LT Foods said in statement.

In past two-years, the stock price appreciated by 185% from Rs 117 on January 1, 2015, as compared to 3.5% decline in the S&P BSE Sensex.

At 01:09 pm; the stock was up 5% at Rs 332 against 0.85% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 224,330 shares changed hands on the BSE and NSE so far.