The share price of this leading textile firm gained 5 percent to an intraday high of Rs 11.20 per share on monday after the company announced a stock split in the ratio of 1:5.
With a market capitalization of Rs 1,776.82 crores, at 12:55 p.m, the shares of Filatex Fashions Ltd were trading at Rs 10.66 per share, up 0.10 percent from the previous close price on the National stock exchange.
As per the company’s exchange filings, On June 7th, the company’s board recommended a stock split at a ratio of 1:5, This translates to the division of each existing fully paid-up Equity Share, with a face value of Rs. 5 each, into five fully paid-up Equity Shares valued at Re 1 each.
The stock split ratio of 1:5 means that for every one share of Filatex Fashions Ltd held by an investor before the record date, they will receive five shares of Filatex.
The filings also mentions that the rationale behind the stock split is to enhance the company’s liquidity in the capital market and to widen the shareholder base. The expected time for completion of the stock split is said to be 3 months from the date of shareholders’ approval. The class of shares which are being subdivided are Equity shares.
Analyzing the financials of the firm, The revenue from operations increased by 38.7 percent from Rs. 44.51 crores in Q3FY24 to Rs. 61.76 crores in Q4FY24. On a year-on-year basis, it increased by 4.2 percent from Rs. 164 crores in FY22-23 to Rs 171 crores in FY23-24.
The net profits of the company witnessed a decrease of 13.7 percent from Rs. 2.83 crores in Q3FY24 to Rs. 2.44 crores in Q4FY24. On a year-on-year basis, it also decreased by 25 percent from Rs. 12 crores in FY22-23 to Rs 9 crores in FY23-24.
The shares of this company generated a return of 11.83 percent over the past 5 days and a negative return of 17.99 percent for the past six months.
As of March 2024, its shareholding pattern stood at 24.82 percent for promoters and 75.18 percent for the public.
Filatex Fashions Ltd. is one of India’s oldest players in socks manufacturing. It manufactures top-quality socks using Italian, Korean, and Chinese technologies. Filatex Fashions specializes in quality cotton, woolen, and silk socks that, are at par with international standards.
Written by Zahal
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
