This Mid Cap IT Company To Announce Split of Equity Shares of Rs.10 On March 14

Black Box Ltd, a mid-cap IT firm with a market capitalization of Rs 2,692 crore, provides IT solutions and global consulting services. On Monday, March 14, 2022, the Board of Directors of Black Box Limited (Formerly known as AGC Networks Limited) will convene to discuss and approve the sub-division of equity shares of Rs.10/- each into shares of lower face value, as well as to conduct any other business with the chair's consent.

The company has said in an exchange filing on 23rd February 2022 that "Pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a Meeting of the Board of Directors of Black Box Limited (Formerly known as AGC Networks Limited) ("the Company") will be held on Monday, March 14, 2022 to, inter-alia, consider and approve the sub-division of equity shares of Rs.10/- each into shares of lower face value and to transact any other business with the permission of the Chair."

The company has also said that "Further, as per the Company's Code of Conduct formulated and adopted under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 to Regulate, Monitor and Report Trading by Insiders, the Trading Window for the purpose of transacting in Company's Shares is closed with immediate effect and shall be opened 48 hours after the outcome of the aforesaid Board meeting is made public. "

The stock has fallen -177.15 (-17.73 percent) in the last year and is down by -147.70 (-15.23 percent) on a year-to-date (YTD) basis. The stock has dropped -148.30 (-15.28 percent) in the last six months and -74.75 percent in the last month (-8.33 percent ). The stock has dropped -24.85 (-2.93 percent) in the last five days but is up by +39.10 (4.99 percent) in Friday's closing session on the NSE.

According to the Q3 results, the company's net revenue from operations in December 2021 was Rs 78.86 crore, up 28 percent from Rs 61.61 crore in December 2020. In December 2021, the firm reported a quarterly net loss of Rs. 0.67 crore, down 368 percent from Rs. 0.25 crore in December 2020. The company's consolidated revenue from operations for the December 2021 quarter was Rs1,387.41 crore, up 11.31 percent y-o-y from Rs1,241.07 crore in December 2020 quarter. The company's profit after tax (PAT) for the quarter ending December 2021 was Rs. 15.38 crore, down from Rs. 36.80 crore in the previous quarter, a 58.20 percent year-on-year decrease. The company's profit before tax (PBT) for the December 2021 quarter was Rs18.64 crore, down 55.71 percent year-on-year from Rs. 42.09 crore for the quarter ending December 2020.