Tips Industries fixes record date for stock split; shares slip after three sessions

Shares of Tips Industries Ltd fell today after three days of gains after the media and entertainment firm fixed record date for stock split. Tips Industries stock ended 0.03% lower at Rs 1,575 against the previous close of Rs 1575.70 on BSE. Market cap of the firm fell to Rs 2,022.72 crore on BSE. 

Tips Industries stock opened marginally lower at Rs 1561 today against the previous close of Rs 1575.50 on BSE. The stock has lost 32.78% in one year and fallen 10.37 % since the beginning of this year. Total 1,227 shares of the firm changed hands amounting to a turnover of Rs 19.82 lakh on BSE.

In terms of technicals, the relative strength index (RSI) of Tips Industries stock stands at 61.8, signaling it's neither overbought nor oversold. Tips Industries shares have a beta of 1.4, indicating very high volatility in a year. Tips Industries shares are trading higher than the 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

The firm said on April 3 that board of directors at its meeting held on April 3, 2023, has fixed Friday, April 21, 2023 as the Record Date for the purpose of determining the eligibility of Shareholders with regard to sub-division /split.

The stock will be split in the ratio of 1: 10.

In the December quarter of the previous fiscal, the firm reported a 1.30% rise in net profit to Rs 20.19 crore against  Rs 19.93 crore profit in the December 2021  quarter. Sales gained 15.26%  to Rs 50.98 crore in the December quarter against Rs 4.23 crore in the corresponding quarter of the previous fiscal.

Tips Industries Limited is engaged in the business of production and distribution of motion pictures and acquisition and exploitation of music rights. The company operates through Music (Audio/ Video) segment. In addition, the company produces Punjabi films. The company has a range of catalogs of film, non-film, devotional, pop and remixes in Hindi, Punjabi, Gujarati, Bhojpuri and other languages, which straddle all genres of Indian music.  

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