1:1 Bonus Share: Small Cap Auto Ancillaries Stock Hits Upper Circuit

Shares of Shriram Pistons & Rings today hit 5% upper circuit when the stock price surged to Rs 1984.75 per share. Earlier, Shriram Pistons & Rings approved bonus share in the proportion of 1:1 on June 13, 2023. The company will now hold its upcoming meeting on July 6, 2023 i.e. Thursday. Shriram Pistons & Rings shares offered 193% return in last 1-year. Check details below:

Shriram Pistons & Rings Stock Outlook & Return: Current market price of Shriram Pistons & Rings share is Rs 1984.75 per share after it hit 5% upper circuit. The stock's 52-week high price is Rs 2179.00 per share and 52-week low price is Rs 665.10 per share, respectively. It has a market capitalisation of Rs 4,37,139.44 lakhs. Shriram Pistons & Rings shares delivered return of 33% in last 1-month, 91% return in last 3-months, and 246% return in last 3-years.

Shriram Pistons & Rings Announced Bonus Share: The company in its NSE filing dated June 13, 2023 stated, "Approved the Bonus Issue of Equity Shares in the proportion of 1:1 i.e. 1 (one) fully paid-up Equity Share of Rs. 10/- each for every 1 (One) fully paid-up Equity Shares of Rs. 10/- each held by the shareholders of the Company, subject to shareholders' approval in the ensuing Annual General Meeting (AGM)."

Postponement of date of the 59th Annual General Meeting: This is further to our letter dated 9.5.2023, wherein it was informed that the Board of Directors in its meeting held on 8.5.2023 fixed the date of the 59th Annual General Meeting (AGM) on Tuesday, 4.7.2023 and approved the closure of Register of Members & Share Transfer Books of the Company from Wednesday, 28.6.2023 to Tuesday, 4.7.2023 (both days inclusive) for the purpose of AGM of the Company. In view of the consideration of the issuance of Bonus Shares, the Board approved the postponement of the date of the 59th AGM from Tuesday, 4.7.2023 to Thursday 6.7.2023."

Dividend Updates: Earlier, the company also revised the record date for final dividend of Rs 5/- per equity share on the face value of Rs 10/- each on the equity shares of the Company for the FY 2022-23. In view of the consideration of the issuance of Bonus Shares, the Board decided to revise the record date on Friday, 23.6.2023, for the purpose of Final Dividend for the FY 2022-23.

Shriram Pistons & Rings About: The Company is the largest manufacturer of Pistons, Pins, Rings, and Engine Valves in India with two Manufacturing units in Ghaziabad, Uttar Pradesh, Pathredi (Rajasthan). Its products are marketed to almost all OEMs and Aftermarkets under the brands SPR and USHA, names that are synonymous with Quality and Reliability globally, according to its LinkedIn page.

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