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Sagar Cements shares zoomed 20 per cent to Rs 1,032.15, hitting a fresh 52-week high, on the BSE in intra-day trade on Tuesday after the company announced a stock split plan. The stock of the cement and cement products company was trading close to its record high level of Rs 1,161 touched on January 4, 2018.
“The board of directors of the Company is scheduled to meet on July 01, 2021, inter-alia, to consider a proposal to subdivide (split) the face value of the equity shares of the Company from Rs 10 each into an appropriate amount,” Sagar Cements said in an exchange filing.
Generally, a company plans to go for a stock split to make the shares more affordable for small retail investors and increase liquidity. In the past one year, the stock of Sagar Cements has zoomed 200 per cent as compared to a 59 per cent rally in the S&P BSE Sensex.
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Meanwhile, on June 10, 2021, rating agency India Ratings and Research (Ind-Ra) had upgraded Sagar Cements’ (SCL) long-term issuer rating to ‘IND A’ from ‘IND A-’ with a positive outlook.
Stock Covered in the news
