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TD Power board approves stock split in 1:5 ratio; shares surge 6%

The record date will be decided post ensuing Annual General Meeting (AGM) and intimated to the stock exchanges, the company further said

August 30, 2022 / 03:02 PM IST
Representative Image

Representative Image

TD Power Systems on August 30 announced that its board has given its approval for stock split in the ratio of 1:5. The sub-division of one equity share with a face value of Rs 10 will be split into five equity shares of a face value of Rs 2, the manufacturer of AC generators said in a regulatory filing.

The decision will be "subject to the approval of shareholders of the company and regulators/statutory approvals as may be required", it said.

The record date will be decided after the ensuing Annual General Meeting (AGM) and intimated to the stock exchanges, the company added.

After the development, shares of TD Power Systems surged nearly 6.5 percent to Rs 612.55 apiece on the BSE during late trade deals. The stock clocked an intra-day high of Rs 618.15 apiece on Tuesday.

Benchmark indices bounced in early deals on Tuesday after falling sharply in the previous trade amid buying in banking counters and mixed global trends, driven by gains in metals and auto companies.

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While the Sensex reclaimed 59,000 mark, trading at day's high, the Nifty 50 index topped 17,600 during late trading hours.

TD Power Systems had earlier reported its consolidated net profit more than doubling to Rs 21.49 crore in the June quarter on the back of higher revenues. Its consolidated net profit was Rs 10.38 crore in the quarter ended on June 30, 2021. The total income rose to Rs 211.06 crore in the quarter from Rs 165.41 crore a year ago.
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Tags: #TD Power
first published: Aug 30, 2022 02:43 pm
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