FIIs Nomura & Forbes EMF Backed Stock To Consider Bonus Shares: Do You Own?

In the capital goods industry, Salasar Techno Engineering is a small-cap firm. As of Friday's closing session, its market valuation was Rs 1,632.83 Cr. The Board of Directors of the corporation has scheduled a meeting for this week to discuss bonus shares.

"Pursuant to Regulation 29 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, Notice is hereby given that the meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, 20th day of December, 2023 at 12:30 P.M. at its office situated at Plot No. B-8, 913-916, 9th Floor, Tower-B, Noida One, Sector-62, Noida, UP-201301, inter alia, to consider to transact the following businesses: a. to consider and recommend a proposal of declaration of Bonus Shares to the Shareholders of the Company subject to requisite approvals; b. to increase the Authorized Share Capital of the Company and consequent amendments in Memorandum and Articles of Association of the Company, if any; c. any other item with the permission of the Chair," said Salasar Techno Engineering in a stock exchange filing.

In the September 2023 quarter, Salasar Techno Engineering recorded a 21% YoY jump in net profit to Rs 9.05 crore from a net profit of Rs 7.51 crore in the corresponding period last year. However, for the quarter ended in June 2023, its net profit was Rs 11.05 crore. In Q2FY24, Salasar Techno's revenue from operations climbed by more than 6% YoY to Rs 275.35 crore. In Q2FY23 and Q1FY24, its sales were Rs 258.78 crore and Rs 262.35 crore, respectively.

In contrast to a profit of Rs 14.77 crore during the same time last year, Salasar Techno declared a net profit of Rs 19.2 crore for the six months that ended on September 30, 2023, a 30% YoY jump. In the first half of FY24, its sales climbed by 14% year on year to Rs 537.21 crore, according to a regulatory filing.

Tamil Nadu Generation and Distribution Corporation (TANGEDCO) recently awarded the company an EPC contract valued at Rs 364 crore. Within 36 months, the project will be completed in phases. As per the agreement, the company is responsible for providing, building, and setting up the high-voltage distribution system, feder segregation, double distribution transformer separation, and 33KV line augmentation.

On Friday, the shares of Salasar Techno Engineering closed on the BSE at Rs 51.72 apiece. The scrip reached a 52-week-high of Rs 58.66 on (30/08/2023) and a 52-week-low of Rs 36.00 on (28/03/2023). During Q2FY24, the company recorded promoters' shareholding of 63.07%, FIIs stake of 9.00%, and public stake of 27.92%. During the quarter, Nomura Singapore Ltd. ODI held 54,70,000 shares or 1.73% stake and Forbes Emf held 1,22,00,000 shares or 3.86% stake in Salasar Techno Engineering.