Arfin India gains after board OKs 10-for-1 stock split

Arfin India rose 1.21% to Rs 250.60 after the company said that its board approved 10-for-1 stock split.

The company's board approved sub-division of existing equity share having face value of Rs 10 each fully paid up into 10 equity shares of face value of Re 1 each.

The company said that the rationale behind the split is to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors.

The record date for the sub-division of equity shares shall be decided by the board and will be intimated to the stock exchange, the company stated.

The expected time for the completion of the stock split is within three months from the date of shareholder's approval.

Arfin India is engaged in the business of manufacturing, trading and selling of various non-ferrous metal products. The company's net profit zoomed 149.1% to Rs 2.74 crore in Q1 FY23 from Rs 1.10 crore posted in Q1 FY22. Net sales surged 47.1% year on year to Rs 146.05 crore in Q1 FY23.

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