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KPR Mill share zooms 10% on stock split plan

KPR Mill share zooms 10% on stock split plan

The stock has gained 261 per cent in the last one year and risen 102 per cent since the beginning of this year.

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Share of KPR Mill rose 10 per cent to hit a fresh 52-week high of Rs 1,868.40 on BSE after the company announced that it will consider a stock split at the next board meeting on July 27, 2021.

“A meeting of the board of directors of the Company is scheduled to be held on July 27, 2021, to consider the proposal for sub-division of the face value of the equity shares of the Company, subject to the approval of shareholders," the company said.

It further added that the board will also consider the un-audited financial results for the quarter ended June 30, 2021.

The stock ended 5.05 per cent higher at Rs 1,784.00 against the previous close of Rs 1,698.30 on BSE. Market cap of the firm rose to Rs 12,275.70 crore.

The stock has gained 261 per cent in the last one year and risen 102 per cent since the beginning of this year. The share stands higher than 5 day, 10 day and 20 day, 50 day 100 day, 200 day moving averages.

The company also announced that it has resumed operations in Tamil Nadu. "In pursuance of the relaxation on Covid-19 restrictions by the Tamil Nadu Government effective from 5th July 2021, all the units have resumed operations adhering to Standard Operating Procedures prescribed by the Government", the company informed in a regulatory filing.

KPR Mills posted a net profit of Rs 186.16 crore for the quarter ended March 2021 as against a net profit of Rs 80.91 crore in March 2020. Net Sales stood at Rs 1,117.91 crore in March 2021 compared to Rs 873.89 crore in March 2020.

The company said that the new expansion project of 42 million garments factories and sugar-cum ethanol plants is progressing as per schedule.

KPR Mill is one of the largest vertically integrated with diversified business focus spanning across yarn, fabrics, garments, and white crystal sugar. It makes a range of textile varieties such as readymade knitted apparel; fabrics; compact, melange, carded, polyester, and combed yarn.