Sutlej Textiles jumps after board OKs stock split

Sutlej Textiles and Industries rose 3.90% to Rs 915.75 at 10:39 IST on BSE after the company said its board approved 10-for-1 stock split.

The announcement was made after trading hours yesterday, 19 May 2017.

Meanwhile, the S&P BSE Sensex was up 208.19 points, or 0.68% to 30,642.98.

On the BSE, 3,901 shares were traded in the counter so far, compared with average daily volumes of 1,629 shares in the past one quarter. The stock had hit a high of Rs 919 and a low of Rs 854.65 so far during the day. The stock hit a record high of Rs 956 on 27 April 2017. The stock hit a 52-week low of Rs 545 on 13 June 2016.

The stock had underperformed the market over the past one month till 18 May 2017, falling 3.12% compared with 3.74% rise in the Sensex. The scrip had also also underperformed the market in past one quarter, rising 4.86% as against Sensex's 6.91% rise.

The small-cap company has equity capital of Rs 16.38 crore. Face value per share is Rs 10.

Sutlej Textiles and Industries said that its board approved splitting each share of face value of Rs 10 each into 10 shares of face value of Re 1 each.

The board also approved raising Rs 500 crore by borrowings through placement of unsecured / secured, redeemable non-convertible debentures/ bonds, or any other permitted mode, for long term working capital requirements, growth plan, etc. The board has also considered approving all ancillary action for the above-mentioned fund raising, including obtaining shareholders' approval for the same through requisite mode.

Sutlej Textiles and Industries' net profit fell 34.6% to Rs 33.27 crore on 8.9% increase in net sales to Rs 597.67 crore in Q4 March 2017 over Q4 March 2016. The result was announced after trading hours yesterday, 19 May 2017.

Sutlej Textiles and Industries is an integrated textile manufacturing company.

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