Shares of Surya Roshni moved higher by 4 per cent to Rs 1,015.40 on the BSE in Wednesday’s intra-day trade after the company fixed October 6, 2023 as record date for the purpose of stock split/sub-division of equity shares in a ratio of 2:1. In comparison, the S&P BSE Sensex was down 0.92 per cent at 66,972 at 12:40 PM.
The board of directors of Surya Roshni on August 11 had approved stock split to enhance the liquidity in the capital market to widen the shareholder base and to make the shares more affordable to small investors.
As on June 30, 2023, the promoters held 62.96 per cent stake in Surya Roshni. The remaining 35.95 per cent stakes were with retail investors (21.52 per cent), bodies corporate (7.72 per cent), foreign portfolio investors (4.87 per cent) and others (1.84 per cent).
Thus far in the calendar year 2023, the stock price of Surya Roshni nearly doubled or zoomed 97 per cent, as compared to 9.5 per cent rise in the S&P BSE Sensex. It had hit a record high of Rs 1,154.90 on September 8.
Surya Roshni is the largest exporter of electric resistance welded (ERW) Pipes, largest producer of ERW galvanized steel (GI) pipes and one of the largest lighting companies in India. It continued to maintain robust order book of Rs 500 crore from oil and gas sector and export.
The company’s net debt fell by Rs 170 crore in June quarter (Q1FY24) and the company aims to become net debt free in coming 1 year. Looking ahead, the analysts anticipate the company’s Steel pipes margins to recover sharply from Q2FY24.
On future business outlook, Surya Roshni in its FY23 annual report said steel tubes and pipes manufacturer aims to maintain a positive export momentum of value-added products, particularly API pipes, to various regions, including the Middle East, Europe, and Australia, despite facing geopolitical challenges.
Surya Roshni hits 52-week high on healthy outlook; zooms 53% so far in 2023
Surya Roshni nears record high on healthy outlook; zooms 106% in 6 months
Surya Roshni hits record high, surges 9% on healthy business outlook
HAL hits new high on stock split plan; zooms over 700% from March 2020 lows
Sarda Energy hits new high, gains 4% on fixing record date for stock split
Sensex tanks 678 pts, Nifty breaks 20,000: Why are markets falling today?
Sensex, Nifty in correction mode; Watch out for these key levels
Reliance Industries slides 3% to two-month low; volumes surge on block deal
Blue Star surges 15%, hits record high on launch of Rs 1,000 cr QIP issue
Weighed by earnings hit, HDFC Bank may not perform in near-term: Analysts
The company intends to increase its market share in GP pipes by participating in the Government’s ‘Jal Jivan Mission.’ Furthermore, the company anticipates that due to massive capex spending, there will be a demand for higher thickness and higher gauge material in India. This, in turn, will lead to a peak in demand for the DFT-based pipes in the coming years. In addition, it plans to cater to the ‘inch-to-inch’ pipes market in Canada and the US, resulting in incremental exports for the company.
With the anticipation of the upcoming festival season, the Company has taken proactive steps to enhance its product offering in the Consumer Durable segment by introducing a diverse area of items tailor to meet the preferences and need of consumers, Surya Roshni said.