Stock Split: Nava Limited, a company producing ferro alloys, has decided to divide its shares into two smaller pieces i.e. Stock Split. The company gave an important information after the closing of stock market trading on Monday. The company said that its shareholders have approved the decision to split the shares in the ratio of 1:2. He gave this approval through postal ballot on 21 December 2024. Splitting shares in the ratio of 1:2 means that the company will divide each of its shares of face value of Rs 2 into 2 shares of face value of Rs 1 each.
The company’s board had initially proposed the stock split during a meeting in November coinciding with its September quarter results. The move is aimed at increasing liquidity in shares and making shares more affordable for investors.
Nava Limited is counted among the multibagger stocks of 2024. On Monday, December 23, its shares closed at Rs 984.90 on BSE with a decline of 0.90 per cent. However, since the beginning of this year it has increased by about 120.38 percent. Its current market capitalization is around Rs 14,170 crore.
In the recent September quarter, Nava Ltd’s net profit stood at Rs 148.28 crore, up 69.33 per cent from Rs 148.28 crore in the year-ago quarter. At the same time, its operating profit increased by about 14.35 percent to Rs 456.15 crore, which was Rs 398.92 crore in the same quarter a year ago.
The company’s earnings per share increased to Rs 17.30 in the September quarter, which was Rs 10.20 in the same quarter a year ago. At the end of the September quarter, the promoter’s stake in the company was 48.85 percent.
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