Textile Stock Approves Stock Split, Gains 120% From 52-Week-Low

Akshar Spintex is a small cap textile company that recorded a market cap of Rs 161.74 Cr during Friday's closing session. The company is engaged in manufacturing different types of yarn and has a total of 24,480 spindles with an annual production of 7500 MT in cotton yarn. The company has declared stock split in 1:10 ratio and for the purpose of the same record date has also been finalized.

"Pursuant to Regulation 42 of SEB! (LODR) Regulation, 2015, we wish to inform you that the Board of Directors of the Company, at its Board Meeting held today i.e. Friday, 30th June, 2023, have fixed the Record Date as Monday, 31st July, 2023 for the purpose of Sub-Division/Split of every 1 (One) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each into 10 (Ten) Equity Shares of face value of Rs. 1/- (Rupee One Only) each," said Akshar Spintex in a stock exchange filing on Friday.

The company reported a standalone net income of Rs 38.13 Cr during March 2023 quarter compared to Rs 48.01 Cr during March 2022 quarter. Its net expenses stood at Rs 36.04 Cr as against Rs 44.25 Cr reported during the same quarter of FY22. The EBIT of the company reached Rs 2.09 Cr during Q4FY23 compared to Rs 3.77 Cr in Q4FY22 and its net profit stood at Rs 3.44 Cr as against Rs 0.37 Cr in the corresponding quarter of FY22.

On Friday, the shares of Akshar Spintex closed on the NSE at Rs 65 apiece up by 0.46% from the previous close of Rs 64.70. The stock made a 52-week-high of Rs 128.85 on (23-Aug-2022) and a 52-week-low of Rs 29.65 on (02-Nov-2022), indicating that at the current market price, the stock is trading 49.55% below the 1-year high and 119.22% above the 1 year low.
During Q4FY23, the company reported promoter shareholding of 43.75% and a public stake of 56.25%.