BCL Industries shares rebound after Q4 results, dividend & stock split announcement

Shares of BCL Industries recouped the early losses and rose 4 per cent during the trading session on Tuesday after the company announced its quarterly earnings for the period ended on March 31, 2023. The company also announced a dividend and stock split of equity shares, along with the earnings.

BCL Industries reported a consolidated net profit of Rs 24.23 crore with revenue from operations at Rs 456.96 crore for the March 2023 quarter. The company's net profit stood at Rs 67.58 crore, with revenue from operations at Rs 1,819.92 crore for the entire year 2022-23.

Along with it, the company board of BCL Industries also approved the sub-division of equity shares in a 1:10 ratio. It means that every share of the company with a face value of Rs 10 each will be split into 10 equity shares with a face value of Re 1 each.

Following the announcement, shares of BCL Industries surged 4 per cent to Rs 457.60 from day's low at Rs 440.05 on Tuesday as the company commanded a total market capitalisation of close to Rs 1,100 crore. The scrip had settled at Rs 446.10 on Monday.

Shares of BCL Industries have gained about 40 per cent in the year 2023 so far, while the stock has gained 25 per cent in the last one year. The stock has delivered a return of a whopping 1,400 per cent in the last three years.

The company board also recommended an equity dividend of Rs 5 per share, 50 per cent of the face value of Rs 10 each, for the financial year ended March 31, 2023, for the shareholders belonging to the public category as the promoters and promotor group have waived/forgone his/their right to receive the dividend by them.

However, the proposal of dividends shall be subject to declaration by the shareholders at the annual general meeting of the Company. The dividend, if declared, shall be paid to the shareholders within 30 days of declaration. Similarly, a stock split is also subject to approval from the shareholders and other statutory approvals.

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