Mold-Tek Technologies surges 10% as board approves stock split

In previous calendar year 2015, the stock had appreciated nearly 300% as compared to 5% decline in the Sensex.

Shares of Mold-Tek Technologies was locked in upper circuit of 10% at Rs 519, also its 52-week high on the BSE, after its board approved the proposal of splitting of equity shares of the company to improve liquidity in the stock market.

“The board approved sub-divide the existing equity share of the company having a face value of Rs 10 each fully paid up, into 5 equity shares of Rs 2 each,” Mold-Tek Technologies said in a regulatory filing.

The company engaged in BPO/KPO business said that it has registered substantial growth in the last couple of years, which has generated considerable interest in the company’s shares in stock market, resulting in constant increase in the market price of the shares of the company.

In order to improve liquidity of the company’s shares in the stock market, to facilitate easy accessibility and to make it affordable to the small investors, the board of directors of the company considered it expedient to recommend the sub-division, it added.

Till 02:54 p.m. around 26,000 shares changed hands on the counter against an average 15,000 shares that were traded daily in past two weeks on the BSE. There were pending buy orders for 15,927 shares so far. S&P BSE Sensex was down 2% or 512 points at 25,648.

In previous calendar year 2015, the stock had appreciated nearly 300% from Rs 127 to Rs 472 as compared to 5% decline in the benchmark index.