Trading at a discount of 42% from 52-week-high and FII stake up in Q4, cement stock sets record date for 1:5 stock split

At today’s close, the market capitalization of Visaka Industries, a small-cap cement firm, was 659.01 Cr. Corrugated fibre cement sheets are one of the products that the firm produces well with you. Visaka Industries has 12 production facilities, 13 marketing offices, and a PAN India distribution network with more than 7000 dealer locations. Its product lines range from corrugated cement sheets and fibre cement boards to hybrid solar roofing and man-made fibre yarn. 

“In terms of Regulation 42(2) of the SEBI Listing Regulations, the Company has fixed Monday, May 15, 2023 as the ‘Record Date’ for the purpose of determining the eligibility of Shareholders for the purpose of sub-division / split of every one fully paid-up equity share having face value Rs.10/- (Rupees Ten only) each in the share capital of the Company into five (5) fully paid-up equity shares having face value Rs.2/- (Rupees Two only) each, pursuant to the shareholders’ approval received through postal ballot on April 5, 2023,” said the Board of Directors of Visaka Industries in a stock exchange filing today.

The record date has been fixed for sub-division of every 1 equity share of face value of 10/- each into 5 equity shares of the face value of 2/- each, said Visaka Industries.

In comparison to the net income of 357.14 Cr recorded during the quarter ended December 2021, the firm reported a consolidated net income of 358.95 Cr during the quarter ended December 2022. The company’s net expenses were 347.06 Cr in the third quarter of FY23 as opposed to 321.81 Cr in the same period of FY22, and its EBIT was 11.89 Cr as opposed to 35.34 Cr in the same period of FY22. Visaka Industries’ net profit was 3.35 Cr as opposed to 24 Cr, and its EPS for the third quarter of FY23 was 1.94 Cr as opposed to 14.55 Cr for the third quarter of FY22. The company is yet to declare its Q4FY23 earnings.

The shares of Visaka Industries closed today on the NSE at 381.55 apiece level, down by 0.66% from the previous close of 384.10. The scrip recorded a total traded volume of 15,851 shares compared to the 20-day average volume of 42,744 shares. The stock touched a 52-week-high of 664.00 on (19-Sep-2022) and a 52-week-low of 322.00 on (29-Mar-2023), indicating that at the current market price, the stock is trading 42.53% below the 1 year high and 18.49% above the 1 year low. 

During Q4FY23, the company recorded a promoter stake of 48.42%, FIIs stake of 3.83%, DIIs stake of 0.84% and a public stake of 46.92%. As per the data of Trendlyne, promoters’ stake in Visaka Industries was flat at 48.42% in March 2023 quarter, FII/FPI stake grew from 3.72% in December 2022 quarter to 3.83% in March 2023 quarter, the number of FII/FPI investors plummeted from 58 to 56, mutual funds stake was flat at 0.01% and institutional investors stake grew up from 4.67% Q3FY23 to 4.78% in Q4FY23.

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