4:1 Bonus Issue: Industrial Products Stock Hits Upper Circuit After 56% Rise In Net

Small cap company operating in the Industrial Products industry, Salasar Techno Engineering (STEL) shares today hit 5% upper circuit after the company on February 3, 2024 reported a surge of 56% in its consolidated net profit to Rs 16.76 crore for the quarter ended December 31, 2023. It declared its net profit at Rs 10.69 crore during the corresponding quarter in 2022-23, as per its BSE filing. Its total income soared to Rs 304.35 crore from Rs 240.93 crore in the year ago period. The company's expense came at Rs 281.22 crore as compared to Rs 226.54 crore in Q3 of last year.

Earlier, Salasar Techno Engineering (STEL) shares on February 1, 2023 traded ex-bonus in the ratio of 4:1. Current market price of Salasar Techno Engineering shares on BSE is Rs 32.46 apiece with intraday gain of 4.98%. Salasar Techno Engineering shares witnessed stunning rally of 122% in last 1-month only and 247% return in last 3-months. Check details below:

Salasar Techno Shares Outlook & Return: The 52-week high price of Salasar Techno is quoted at Rs 32.46 apiece and 52-week low price is quoted at Rs 7.20 apiece, respectively. Salasar Techno shares hit both upper circuit and 52-week high in trade today. Salasar Techno has a market capitalisation of Rs 5123.90 crore. Salasar Techno shares soared 247% in last 3-months only, rallied 252% in last 1-year, jumped 586% in last 2-years, and offered return of 899% in last 3-years. In last 5-years, Salasar shares on BSE soared 1050%.

Salasar Techno Approved Fund Raising: As per the exchange filing of the company dated January 25, 2024, "Board of Directors of the Company in their meeting held on today i.e. Thursday, January 25, 2024 considered and approved fund raising of Rs 8,064 million to accelerate the business growth further and to augment the long-term financial resources of the Company, fund raising by issuing the following securities, subject to approval of shareholders and other regulatory authorities, as may be applicable in accordance with the provisions of Section 42 and Section 62(1)(c) of the Companies Act, 2013, as amended ("Act") read with Companies (Prospectus and Allotment of Securities) Rules, 2014, and Companies (Share Capital and Debentures) Rules, 2014 as amended ("Rules"), Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and other applicable laws, regulations, guidelines and rules."

Salasar Techno Bonus Issue: As per the exchange filing of Salasar Techno dated Jan 18, "Board of directors in their meeting held today dated January 18, 2024 has fixed Thursday, February 1, 2024 as the Record Date for the purpose of ascertaining the eligibility of shareholders for entitlement of bonus shares in the ratio of 4:1 i.e. 4 (Four) new fully paid-up bonus equity share of Rs.1/- (Rupees One only) each for every 1 (One) existing fully paid-up equity share of Rs.1/- (Rupees One only) held on Record Date subject to the approval of shareholders is being obtained through the postal ballot notice dated December 20, 2023, last date for the remote e-voting of postal ballot will be Saturday, January 20, 2024 (05:00 P.M.)."

Salasar Techno About: It is an Indian Infrastructure company that provides customized steel fabrication and EPC solutions to the global market. In the year 2006, Salasar started out as a tower manufacturer. Tower manufacturers rarely provided multiple solutions under one roof. Salasar sought to fill this gap by aspiring to become a one-stop shop for India's telecom giants by carrying out engineering, designing, procurement, fabrication, galvanization and EPC under one roof. It has expanded its range of products and services to encompass all the infrastructural needs of a rapidly developing nation, according to its official website.

Disclaimer:

The stock just highlights shares rally in trade today and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.