The shares of India’s largest producer of pistons and engine valves, with a market capitalization of Rs 4,846 crores, has set July 24th as the record date for bonus issuance, with the stock gaining over 4% on Wednesday.
Shriram Pistons & Rings Ltd shares were trading at Rs 2,200.55 per share on the NSE at 2:24 p.m., up Rs 32.70 or 1.51 percent.
As per the NSE filing of the company,On June 13,2023, the board of directors approved the Bonus Issue of Equity Shares in to a ratio of 1:1, that indicates that the company will issue one bonus share for every present shareholder’s share.The Company has selected Monday, July 24, 2023 as the Record Date for determining the Company’s list of shareholders.
Furthermore, the shareholders authorised the issuing of the above Bonus Equity Shares at their meeting on Thursday, July 6, 2023.
The company’s share has delivered multibagger returns of 208 percent in a year, If a shareholder had invested Rs 1 lakh in the company that would be worth Rs 3.08 lakhs in a year.
Shriram Pistons & Rings Ltd is a company that designs and manufactures pistons, piston rings, and engine valves for original equipment manufacturers. Its products are used in passenger and commercial vehicles throughout India, Europe, North America, Asia, Australia, and South Africa.
Company’s revenue increased by 26 percent year on year, from Rs 2,064 crore in FY 21-22 to Rs 2,609 crore in FY 22-23. Net profit climbed by 80 percent within the same time period, from Rs 163 crore to Rs 293 crore.
As per current shareholding pattern, the promoters own 46.75 percent of the company,Domestic institutional investors own 10.05 percent, while retail investors own 43.2 percent.
Written by Omkar Chitnis
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