HEG stock jumps 10% on record date announcement for stock split

Following the announcement, the stock of the company jumped 9.86 percent to Rs2,537 on NSE at 10:52 am.

HEG Limited shares rose close to 10 percent in the morning trade on September 25 after the company said it fixed October 18 as the record date for determining entitlement of shareholders for a stock split.

Following the announcement, the stock jumped 9.86 percent to Rs2,537 on the National Stock Exhcange (NSE).

The company approved the split on September 24. The firm will split shares worth Rs 10 each into to five equity shares with a face value of Rs 2, the statement said.

There a total of over 38 crore shares worth Rs 10 each, the statement said.

In June quarter, the company's net profit declined 84.43 percent year-on-year to Rs 23.04 crore and revenue fell 15 percent to Rs 571.46 crore.

The EBITDA margin for the quarter declined to 6.7 percent from 21 percent during the same quarter of the previous year. The margins was hit by a 37 percent increase in other expenses.