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Shares of TTK Prestige zoomed 15 per cent to hit a record high of Rs 11,137 on the BSE in Wednesday’s intra-day trade after the company reported a strong set of numbers for the quarter ended September 2021 (Q2FY22). Furher, the company's board also approved sub-division/split of equity shares from face value of Rs 10 each to Re 1 each.
The stock of houseware company surpassed its previous high of Rs 10,586 touched on October 19, 2021. At 02:30 pm; it was trading 13 per cent higher at Rs 10,888, as compared to 0.14 per cent fall in the S&P BSE Sensex.
TTK Prestige said the rationale behind the stock split is to facilitate larger shareholder base, to increase the liquidity and to make the shares more affordable to investors.
A stock split is generally done to make the scrip more affordable for small retail investors and increase liquidity. It refers to splitting the face value of the shares of companies, wherein the number of shares of the company increases but the market cap remains the same. Existing shares split, but the underlying value remains the same. As the number of shares increases, the price per share goes down.
Meanwhile, TTK Prestige has reported 58 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 103.53 crore for Q2FY22, on back of healthy operational performance. The company’s revenue from operations grew 34.8 per cent at Rs 859 crore on YoY basis. On sequential basis, revenue and net profit more than doubled from Rs 30.59 crore and 401 crore, respectively.
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