Business News/ Markets / Stock Markets/  After rallying over 250% in 3 years this stock announces 1:1 bonus shares, FIIs stake up in Q3

With a market valuation of 1,764 Cr, Sirca Paints India is a small-cap company that operates in the consumer durables sector. India's leading producer of wall paint and wood coatings is Sirca Paints. For its eligible shareholders, the firm has declared bonus shares in a 1:1 ratio, and the Board has specified a record date in order to facilitate this.

“The Board has recommended the issue of Bonus Shares in the ratio of 1 :1 i.e. 1 (One) Bonus equity share of Rs.10/- each for every 1 (One) fully paid-up equity share of Rs. 10/- each held by the Members of the Company as on the Record Date, subject to approval of the Members of the Company. Information as per regulation 30 of SEBI (LODR) Regulations, 2015 is enclosed herewith. Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Wednesday, May 11, 2023 as the Record Date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of Bonus Equity Shares in the proportion of 1 (One) Equity Shares of Rs. 10/-each for every 1 (One) existing Equity Shares of Rs. 10/- each, subject to the approval of Members, which is being obtained through Extra Ordinary General Meeting," said Board of Directors of Sirca Paints India in a stock exchange filing.

The Board has also approved to increase in authorised share capital from 32 Cr to 60 Cr. Rs. 27,40,44000/- or twenty seven crore forty lacs forty four thousand only is total number of securities proposed to be issued or total amount for which the securities will be issued as bonus issue. The company also appointed M/s. Jatin Aggarwal & Associates, Practicing Company Secretaries as secretarial auditors of the company to conduct the Secretarial Audit for the financial year 2022-23. 

The firm reported a net income of 66.18 Cr for the quarter ended December 2022 as opposed to 54.56 Cr for the quarter ended December 2021. The company's net expenses were 52.01 crore in the third quarter of FY23 as opposed to 42.34 crore in the same quarter of FY22, and its EBIT was 14.17 crore as opposed to 12.22 crore in the same quarter of FY22. Sirca Paints India said that its net profit for the third quarter of fiscal year 23 was 10.53 Cr, up from 9.16 Cr in the same period of the previous year, and its EPS came in at 3.84, up from 3.34 in Q3FY22.

The shares of Sirca Paints India closed today on the NSE at 645.00 apiece level, up by 0.55% from the previous close of 641.50. The stock recorded a total volume of 1,00,879 shares compared to the 20-Day average volume of 34,016 shares. The stock touched a 52-week-high of 800.90 on (14-Dec-2022) and a 52-week-low of 402.35 on (26-May-2022). The stock has rallied 532.54% and 265% in 3 years. In the last 1 year the stock has rallied 42.71% and on a YTD basis it has fallen 4.76% so far in 2023. 

The firm revealed that 67.55% of its stake was held by promoters as of Q3FY23, followed by FII and DII stakes of 5.59% and 4.41%, respectively, and public ownership of 22.45%. According to Trendlyne data, the promoters' stake in Sirca Paints India remained unchanged at 67.55% in the December 2022 quarter, while FII/FPI increased their shareholding from 1.97% in the September 2022 quarter to 5.59% in the December 2022 quarter, saw an increase in the number of FII/FPI investors from 8 in Q2FY23 to 13 in Q3FY23 and institutional investors have lowered their stake from 24.59% in Q2FY23 to 10.00% in Q3FY23.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 29 Mar 2023, 06:38 PM IST
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