Shares of Maan Aluminium zoomed 19 per cent to Rs 296.60, hitting 52-week high on the BSE in Tuesday's intra-day trade, in an otherwise weak market after the company announced its board will meet on Friday, June 9, to consider bonus issue and stock split plan.
The meeting of the board of directors of the company will be held on Friday, June 9, 2023 inter-alia to consider a proposal for sub-division/split of the equity shares of the company having a face value of Rs 10 each. The board will also consider Issue of bonus shares to the shareholders of the company, Maan Aluminium said in an exchange filing.
At 01:08 PM, the stock was trading 18 per cent higher at Rs 295.10, as compared to 0.21 per cent decline in the S&P BSE Sensex. It surpassed its previous high of Rs 258.55, touched February 3, 2023. Average trading volumes on the counter jumped four-fold today with a combined 2.7 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.
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In the past one year, the stock has zoomed 145 per cent as against 12.5 per cent rally in the benchmark index.
A stock split is a corporate action in which a company issues additional shares to shareholders, increasing the total shares by the specified ratio based on the shares they held previously. Companies often choose to split their stock to lower its trading price to a more comfortable range for most investors and to increase the liquidity of trading in its shares.
Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns.
Maan Aluminium is one of the nation's largest manufacturers and exporters of Aluminium extruded products from central India.
In financial year 2022-23 (FY23), the company’s revenue grew by a healthy 42 per cent year-on-year (YoY), while profit after tax was up by 131 per cent. Exports grew by 35 per cent YoY, supported by market share expansion in key geographies and further strengthening of its export and domestic market network, the company said.