1 min read.Updated: 27 Oct 2021, 01:21 PM ISTLivemint
TTK Prestige shares were trading nearly 3% higher on the BSE in Wednesday's afternoon deals post Q2 and stock split announcement
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While announcing its earnings for the quarter ended September, TTK Prestige also unveiled that its board has approved the sub-division/split (stock split) of equity shares of the company. Shares of TTK Prestige were trading nearly 3% higher at ₹9,890 apiece on the BSE in Wednesday's afternoon deals.
The Record Date for the proposed for sub-division/split will be intimated in due course subject to compliance of necessary laws, the company informed in an exchange filing.
“The Board has approved Sub-Division/Split of Equity Shares of the Company from face value of Rs.10/- each into Re.1/- each subject to the approval of members through Postal Ballot," TTK Prestige said.
A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders. Stock split decreases the market price of the individual shares, however, does not result in changing the market capitalization of the company.
A company engages in stock-split decision to make its stock more affordable if its price levels are very high, which in thus would lead to increase in liquidity in the stock.
TTK Prestige's consolidated net profit for the second quarter surged 58% to ₹103.5 crore as compared to ₹65.4 crore in the same quarter last year. Its revenue from operations increased to ₹858.6 crore from ₹636.6 crore year-on-year (YoY). TTK Prestige Limited manufactures kitchen appliances and cookware.
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