Precision Wires gains on fixing record date for bonus issue

Precision Wires India rose 2.03% to Rs 103.10 after the company announced that it has fixed Thursday, 22 December 2022 as the record date for the proposed bonus issue of shares.

On 10 November 2022, the company's board approved a proposal to issue 1 bonus equity share for every 2 equity shares held by the shareholders of the company.

The bonus issue is subject to the approval of shareholders which is being obtained by way of postal ballot through remote e-voting. The result of postal ballot will be declared on Wednesday, 14 December 2022.

Precision Wires India is engaged in manufacturing of enamelled round and rectangular copper winding wires, continuously transposed conductor(CTC) and paper/mica/nomex insulated copper conductor(PICC) which are used by the electrical/electronics industries.

The company's net profit declined 2.07% to Rs 14.66 crore, despite 2.08% rise in revenue from operations to Rs 721.31 crore in Q2 FY23 over Q2 FY22.

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