“A meeting of the Board of Directors of the Company will be held on Monday, September 30, 2024, inter-alia, to consider and approve the alteration in the share capital of the Company by sub-division / split of existing equity shares having face value of Rs.10/- each, fully paid-up, as may be determined by the Board of Directors and consequent alteration of Memorandum of Association of the Company,” said the company in a filing to the exchanges.
The company also informed that in the same meeting, it will also consider the appointment of new directors of the company.
In case the company proceeds with the decision of the stock split, this will be the first instance of the company doing so, according to the data available on trendlyne.
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The stock may also have witnessed a rally due to a surge in the prices of gold, which touched its all-time high of Rs 76,000/10 gm in today’s session.
Gold prices have been surging for a week now post the US Fed cut rates by 50 bps, going up by Rs 2,900/ 10 gram.
The shares of the company have seen a rally of 474.5% in the last one year, while gaining 203% in the current calendar year so far. Even in the last 3 and 6 months, the stock has given multibagger returns of 189.6% and 171% respectively.
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