BCL Industries shares rise 6% as company announces record date for stock-split

Shares of BCL Industries rose sharply during the early trading session on Thursday after the company announced the record date for the stock split of its equity shares. The company informed about the same through an exchange filing after the market hours on Wednesday.

The board of directors of the company has passed the necessary resolution by circulation to fix the record date as October 27, 2023, Friday for the purpose of sub-division or split of its equity shares, said BCL Industries in the exchange filing with the bourses. Shares of BCL Industries will be split in a 1:10 ratio.

It means that each equity share of the company with a face value of Rs 10 each, will be sub-divided or split in ten equity shares with a face value of Re 1 each as on the given record date. Shareholders having the delivery of the stock in their demat account as on the record date, will be consider eligible for the aforementioned

Following the announcement of the record date, shares of BCL Industries jumped about 6 per cent to Rs 522.50 on Thursday, commanding a total market capitalization of more than Rs 1,250 crore. However, the stock had settled at Rs 494.95 in the previous trading session on Wednesday.

Shares of BCL Industries have rallied about 90 per cent from its 52-week low at Rs 276.15 hit in November 2022. The stock has gained about 60 per cent in the year 2023 so far, while it is up 25 per cent in the last six months. The stock has surged about 1,700 per cent from its Covid-19 lows.

The company board of BCL Industries had approved the sub-division of equity shares in May 2023, along with its results for the March 2023 quarter results. However, after a hiatus of about five months, the company had confirmed the timeline for the application of the corporate action.

Recently, the company board decided to reduce focus on the edible oil business.  The board decided to terminate the lease for the Jalalabad unit and also shut down the Bathinda edible oil unit in the near future. A portion of Bathinda edible oil business shall be shifted to the Bathinda distillery complex.

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