120% Gain From 52W-Low, Auto Stock Sets Record Date For Stock Split

Jay Bharat Maruti is a small-cap company dealing in the automobile sector. The stock opened higher today and surged over 2% intraday while writing this copy on Wednesday after the Board of Directors of the company announced record date for stock split.

"Pursuant to Regulation 42 and other applicable regulation of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has fixed Thursday, October 26, 2023 as the "Record Date" for determining entitlement of Equity Shareholders for the purpose of sub-division / split of existing Equity Shares of the Company from Equity Shares having face value of Rs. 5/- (Rupees Five only) each fully paid-up into Equity Shares having face value of Rs. 2/- (Rupees Two only) each fully paid-up, as approved by the Equity Shareholders in Annual General Meeting of the Company held on September 16, 2023.

All fractional Equity Shares resulting from such sub-division/split of existing equity shares shall be disposed off at the market price and the net proceeds (less expenses, if any) will be distributed proportionately, as far as practicable, to the concerned members," said Jay Bharat Maruti in a stock exchange filing.

From Rs 7.90 crore in Q1 FY23 and Rs 14.33 crore in Q4FY23, the company's consolidated profit after tax (PAT) plummeted to Rs 5.16 crore in Q1 FY24. Its revenue from operations decreased by 3.80% to Rs 533.17 crore from Rs 554.24 crore in the first quarter of 2022-23 and by 21% from Rs 673.35 crore in the fourth quarter of FY23.
On Wednesday, the shares of Jay Bharat Maruti opened on the BSE at Rs 274.80 apiece and were trading at Rs 276 with an upside gap of 1.64% while writing this copy.

The stock made a 52-week-high of Rs 344.25 on (04/07/2023) and a 52-week-low of Rs 344.25 on (04/07/2023), implying that at the current market price, the stock is trading 120.60% above the 1-year low and 19.89% below the 1 year high. During Q1FY24, Jay Bharat Maruti recorded promoters' shareholding of 59.35%, FIIs stake of 3.55%, DIIs stake of 0.03% and public stake of 37.07%.