Uniply Industries hits record high on strong Q3 results; 1:5 stock split

Image via Shutterstock
Uniply Industries hits a record high of Rs 477, up 6% on BSE, extending its past two days 10% surge, after the company reported a 56% year-on-year (YoY) growth in net profit at Rs 80 million in December quarter (Q3FY18). The revenue from operations grew 18% at Rs 1,025 million on YoY basis.

The company announced that its board had approved the splitting of each equity share into five.

"The board of directors of the company approved the sub-division (split) of equity shares of the company from the existing face value of Rs 10 per equity share to face value of Rs 2 per equity share," Uniply Industries said in a BSE filing.

The stock split is generally done to improve liquidity of the shares in the stock markets as also to make them affordable to the small investors.

In past six months, the stock of forest products Company zoomed 71% as compared to 9% rise in the S&P BSE Sensex.

At 10:59 AM; it was trading 3% higher at Rs 464 against 0.72% gain in the benchmark index. The trading volumes on the counter nearly doubled with a combined 158,492 shares changed hands on BSE and NSE so far.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel