Refex Industries shares stuck in upper circuit as board to consider stock split

Shares of Refex Industries Limited were stuck in the upper circuit today after the firm said its board would consider a proposal for stock split on January 24, 2024. Refex Industries shares rose 5% to Rs 647.15 against the previous close of Rs 616.35 on BSE.

Shares of the industrial gases manufacturer rose opened 5% higher on BSE. Total 1396 Refex Industries shares changed hands amounting to a turnover of Rs 9.03 lakh on BSE.

Market cap of the firm rose to Rs 1432.37 crore on BSE. The stock has gained 144.12 percent in a year and risen 2.49 percent in 2024.

ALSO READ: Rs 29 to Rs 287: This debt-free stock turned into a multibagger in three years; down 8% from record high

In terms of technicals, the relative strength index (RSI) of the stock stands at 57.2, signaling the stock is trading neither in the overbought nor in the oversold zone. Shares of Refex Industries are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Refex Industries shares have a one-year beta of 0.4, indicating low volatility during the period.

“A meeting of the Board of Directors of the company is scheduled to be held on Wednesday, 24th day of January, 2024 inter alia, to consider and approve the proposal to alter the share capital by sub-division/split of the existing equity shares of the Company having Face value of Rs.10/- each, in such manner as may be determined by the Board of Directors and subject to approval of the shareholders and such authorities as may be required,” said the firm in a communication to bourses.

Refex Industries Limited is a specialist manufacturer and re-filler of refrigerant gases. The company offers a range of non-ozone depleting refrigerant gases known as Hydrofluorocarbons (HFC), which are used in air conditioners, refrigerators and refrigerating equipment. It is engaged in supplying automotive air conditioning gases in disposable cans.

Also read: Hot stocks on January 9: YES Bank, Alok Textiles, Zee Entertainment, Capacite Infraprojects and more