The shares of one of India’s leading textile companies gained nearly 5% to ₹1,339.95 per share after the board declared the record date for a 1:10 stock split.
At 12:55 p.m., Sportking India Ltd shares were trading at ₹1,314.85, reflecting an increase of 2.75 percent from the previous closing price. The company’s market capitalization is ₹1,670 crore.
What Happened:
According to the exchange filing by Sportking India, the company’s board has set Friday, September 13, 2024, as the “Record Date” to determine the entitlement of equity shareholders for the upcoming sub-division of existing shares.
On August 17, 2024, the board approved a 1:10 stock split, which means that shareholders will receive 1 new share for every 10 shares they hold.
Also Read
About the company:
Sportking India Limited, a subsidiary of the Sportking Group, is a textile manufacturing company specializing in the production of yarns (including cotton, synthetic, and blended yarns), fabrics, and garments.
As of FY24, the company generates 53% of its revenue from the Indian market and 47% from international markets, with a presence in over 30 countries globally.
Sportking India operates three manufacturing facilities in Ludhiana and Bathinda. These facilities include a spinning unit with 65,900 spindles, a dye house with a capacity of 15-20 metric tons per day, and an additional spinning unit with 312,000 spindles.
The company’s major clients include prominent brands such as Zara, H&M, Ikea, Jockey, Marks & Spencer, and many others.
Financials:
The company has experienced a 7.8% increase in revenue year-on-year, rising from ₹2,204 crore in FY 22-23 to ₹2,376 crore in FY 23-24. However, net profit has decreased by 47% over the same period, dropping from ₹132 crore to ₹70 crore. Sportking India Ltd shares have risen by 53% over the past six months and by 57% over the past twelve months.
Written by Omkar Chitnis
Also Read
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.
