BCL Industries shares trade ex-split, stock jumps 5%

Shares of BCL Industries traded ex-split on Friday, October 27. The company had announced the split of its equity shares in 1:10 ratio earlier this year, which meant that each share of the company with a face value of Rs 10 each, was sub-divided into 10 equity shares with a revised fresh value of Re 1 each. The company of directors of BCL Industries had fixed October 27, Friday as the record date for the subdivision of the equity shares after the approval from shareholders on October 4, earlier this month, through an exchange filing. The split was approved by the board in September, which was approved by the shareholders earlier this month. Shares of BCL Industries surged more than 5 per cent to Rs 53.65 on Friday, on an adjusted basis, commanding a total market capitalization of more than Rs 1,350 crore. The scrip had settled at Rs 51 in the previous trading session on Thursday. Shares of BCL Industries have surged more than 20 per cent in the last three months, while the stock is up 30 per cent in the last six months. The stock has gained about 65 per cent in the last one year, whereas it has surged about 95 per cent from its adjusted 52-week low at Rs 27.62 in November 2022. About a month ago, the company board of BCL Industries had announced to reduce focus on the edible oil business. The board decided to terminate the lease for the Jalalabad unit and also shut down the Bathinda edible oil unit. A portion of this business shall be shifted to the Bathinda distillery complex. BCL Industries is into manufacturing and development of a variety of industries including ethanol, oils, distillery products and real estate. It is the only company in India and the South Asian region to have a forward and backward integrated distillery ethanol plant.