Share price of this agrochemical stock moved down by nearly 3.87 percent on BSE to Rs. 1,743.55 in the trading session of Wednesday after the company announced a stock split.
With a market capitalisation of Rs. 1,861.5 crore, at 02:06 p.m., the shares of Bhagiradha Chemicals & Industries were trading in the red at Rs. 1,789, down by 1.36 percent, whereas its previous closing price was Rs. 1,813.75.
In the last one year, the company has delivered positive returns of about 52.96 percent and nearly 40.04 percent in the last six months. So far in 2024, it has given positive returns of around 18.76 percent.
According to recent regulatory filings with the stock exchanges, the Board approved the proposal for the split of Equity Shares of Bhagiradha Chemicals & Industries Ltd. at a 1:10 ratio.
This means that, 1 equity share with a face value of Rs. 10 each of the company would be subdivided into 10 equity shares having a face value of Rs. 1 each, as per the filings.
The reason behind the split is to increase the liquidity of the company’s equity shares in the stock market and to make it more affordable to small retail investors.
The Board will decide the record date for the split of equity shares and will intimate it to the stock exchanges after receipt of approval of the members.
In terms of financials, the revenue from operations of the company reduced by nearly 39.04% QoQ from Rs. 122.01 crore in Q2 FY23-24 to Rs. 74.37 crore in Q3 FY23-24.
The net profit of the company also decreased by around 41.95% QoQ from Rs. 8.72 crore in Q2 FY23-24 to Rs. 3.32 crore in Q3 FY23-24.
Bhagiradha Chemicals & Industries Limited is engaged in the business of manufacturing high-quality pesticides.
Written by Shivani Singh
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