 "Stock market")
In an exchange filing, Surya Roshni said that the company has fixed Friday, October 06, 2023 as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for subdivision of one (1) equity share of face value of Rs 10 each into 2 (two) equity shares of face value of Rs 5 each.
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.
Also Read
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.
