Shares of Manorama Industries Limited skyrocketed 9% on 29 December after the company announced the split of equity shares of the company.

In its regulatory filing, the company said that its board of directors is set to meet on 15 January 2024 to consider and approve the split of equity shares of the company.

The division/split is subjected to the approval of the company’s shareholders and such authorities that may be required under the Companies Act 2013.

The company is a leading exporter of sal and mango-based speciality fats and butter.

In its quarterly report for July-September, the company reported a decline in its net profit to Rs 8.61 crore during the quarter from Rs 11.55 crore reported in the same quarter last year.

The operating revenue during the quarter stood at Rs 117.73 crore, marginally increasing from Rs 111.56 crore reported in the same quarter of the previous fiscal year.

The company was established in 2005 and is engaged in the business of manufacturing, processing, and supplying specialty fats and oils. They sell products within the nation as well as in foreign nations and have a diverse product range, such as oils, butter, and several other tailor-made products.

At 3:30 pm, the shares of Manorama Industries closed 0.86% higher at Rs 1,894 on NSE.