Shares of ceramic player Vesuvius India Ltd. jumped seven percent in trade on February 20, after the firm's board announced it would consider a stock split.
Vesuvius India's stock gained as the firm announced that its board of directors would convene on February 26, to consider the proposal of a stock split. Further, along with the share split, the board of directors will also consider the proposal to issue a dividend to its shareholders.
At 1 pm, shares of this firm were quoting Rs 3,857.9 on the NSE, higher by 7.3 percent compared to the previous session's closing price.
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Vesuvius India has distributed a total dividend of Rs 43 per share to its shareholders over the past five years.
For the first time, the company is exploring the possibility of a stock split, with its shares currently having a face value of Rs 10 each. Additionally, Vesuvius India has never issued bonus shares to its investors.
The stock has declined 40 percent from its all-time high of Rs 5,999, reached in September last year.
Vesuvius India Limited is a subsidiary of the UK-based materials engineering manufacturer Vesuvius Plc. The company is engaged in the production and servicing of refractory goods used in high-temperature industrial processes like steelmaking, foundries, and cement production. Its products include a wide range of refractory products like shrouds, stoppers, precast products, nozzles and crucibles.
"India has always been a strategic market for the group. The manufacturing capabilities in India will enhance our competitive position in the country and also contribute to the socio-economic development of the communities where we operate," Biswadip Gupta, chairman of Vesuvius India had said in 2024.
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