Multibagger Auto Ancillaries Stock Hits 5% Lower Circuit After Board Announced Stock Split

The shares of Jay Bharat Maruti Ltd. (JBM) on Wednesday, Aug 09, locked in the 5% lower circuit at Rs 307 on BSE after the auto-ancillaries manufacturer announced April-June quarter numbers.

In addition, the Board of Directors of Jay Bharat Maruti Ltd. have approved the sub-division/ split of existing equity shares of the company. Subject to relevant approvals, the board approved a fully paid-up split of the company's existing equity shares with a face value of Rs 5 each into equity shares with a face value of Rs 2.

"Sub-division/split of existing Equity Shares of the Company having face value of Rs. 5/- (Rupees Five only) each fully paid-up into Equity Shares having face value of Rs. 2/- (Rupees Two only) each fully paid-up subject to necessary approvals including approval of the Shareholders of the Company;" the company's Board said in an exchange filing.

It added, "The Record Date for sub-division/split of existing Equity Shares shall be decided after obtaining requisite approval of the Shareholders of the Company;"

The current market price of JBM is Rs 307 per share. Its 52-week high as on July 04, 2023, is Rs 343.90 per share and its 52-week low as on March 29, 2023, is Rs 128.05 per share. It has fallen 3.64% in 1 week, while gained 5.35% in 1 month. It gained 82.96% in 3 months. It has given 90.8% positive return in 1 year, 196.83% in 3 years, and 36.1% in 5 years, respectively.

Jay Bharat Maruti Limited, founded in 1983, in collaboration with Maruti Suzuki India Limited (MSIL), is the leading manufacturer of key auto components and assemblies such as exhaust systems, fuel fillers (fuel pipe), and suspension parts for passenger cars.