TD Power Systems announced on August 30 that its board of directors had approved a 1:5 stock split. The alternator maker said in a regulatory filing that it had subdivided one Rs 10 stake into five Rs 2 shares.

The company said the decision would be “subject to company shareholder approval and regulatory/statutory approval.”

The company added that the record date would be decided and notified to the stock exchange after the annual general meeting (AGM).

Shares of TD Power Systems surged nearly 6.5% to Rs 612.55 per share in late-stage trading on BSE after the development was completed. The stock hit an intraday high of Rs 618.15 on Tuesday.

The benchmark index bounced back in early trade on Tuesday after sharp losses in trading on a mixed global trend driven by buying in bank shares and gains in metals and auto companies.

While the Sensex reclaimed the 59,000 mark and traded at the day’s highs, the Nifty50 topped 17,600 in the late session.

TD Power Systems had earlier reported that its consolidated net profit in the June quarter more than doubled to Rs 21.49 crore on higher revenue. Its consolidated net profit stood at Rs 10.38 crore for the quarter that ended June 30, 2021. Total revenue for the quarter rose to Rs 211.06 crore from Rs 165.41 crore a year ago.