Stock-split buzz: Jindal SAW shares climb 6% ahead of record date
Source: Business Standard
Shares of leading Iron & Steel Products maker company, Jindal SAW, soared 5.65 per cent to a day’s high of Rs 745.30 during intra-day deals on Tuesday. A total of 9.21 lakh equity shares worth around Rs 67.17 crore traded hands on the combined BSE, and NSE today.
The uptick follows the company’s announcement of the subdivision of its shares. Jindal SAW shares will turn ex-date tomorrow, with the company’s board announcing the subdivision/split of the face value of its equity shares from Rs 2 each fully paid-up to Re 1 each fully paid-up.
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Jindal SAW has fixed Wednesday, October 9, 2024, as the ‘Record Date’ for determining the eligibility of shareholders for the subdivision of equity shares of the company, as per the regulatory filing.
Jindal SAW manufactures submerged arc welded pipes, and spiral pipes for the energy transportation sector; carbon, alloy, and seamless pipes and tubes for industrial applications; and Ductile Iron (DI) pipes & fittings for water and wastewater transportation. The company has several state-of-the-art manufacturing plants. Jindal SAW pipes are energy-efficient, reduce dependence on fossil fuels, and help conserve natural resources.
As of October 8, 2024, Jindal SAW has a market capitalization of Rs 23,791.31 crore on the BSE. The company is a constituent of the BSE 500 index.
Historically, shares of Jindal SAW have offered remarkable returns over the past, with a rally of 30.46 per cent in the last three months, 49.79 per cent in the last six months, and 76.08 per cent year-to-date.
Jindal SAW shares have doubled investors’ money in the last year, with a gain of 115.25 per cent during the said period.
The company’s shares have a 52-week range of Rs 760 – 329.75 on the BSE.
At around 2:53 PM on Tuesday, Jindal SAW shares were quoted trading at Rs 744.45, up 5.54 per cent from its previous close of Rs 705.40. The stock is merely Rs 16 shy of its 52-week high of Rs 760 scaled on September 30, 2024, on the BSE.
Meanwhile, the benchmark equity indices BSE Sensex and NSE Nifty were also trading higher. Sensex was quoted trading at 81,501.84, up 451.84 points or 0.56 per cent, and the Nifty50 132.55 points or 0.53 per cent higher at 24,928.30.
First Published: Oct 08 2024 | 3:16 PM IST
