Healthcare stock trading at a discount of 58% from 52-week-high declares 1:2 stock split
Tejnaksh Healthcare is a small cap company that recorded a market cap of ₹72.72 Cr during Friday’s closing session. In order to improve capital market liquidity, the firm has declared a stock split in the ratio of 1:2 for eligible shareholders.
“The Board considered the proposal for sub-division of 1 (One) equity share of the Company having face value of Rs. 10/- each into 2 (Two) equity shares having face value of Rs. 5/- each, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company,” said Tejnaksh Healthcare in a stock exchange filing today.
Stating the rationale behind stock split the company said the decision has been made To enhance the liquidity in the capital market, to widen the shareholder base and make the shares more affordable to small investors.
During Q4FY23, the company reported a consolidated revenue from operations of Rs 2.79 Cr compared to ₹3 Cr in Q4FY22. During the quarter ended March 2023, the company recorded a net loss of ₹0.02 Cr compared to a net profit of ₹0.54 Cr in the quarter ended March 2022.
On Friday, the shares of Tejnaksh Healthcare closed on the BSE at ₹71.60 apiece up by 0.20% from the previous close of ₹71.46. The stock touched a 52-week-high of ₹172.85 on (20/06/2022) and a 52-week-low of ₹58.99 on (27/03/2023), indicating that at the current market price, the stock is trading 58.57% below the 1 year high and 21.37% above the 1 year low. During Q4FY23, the company recorded a promoter shareholding of 73.83%, FIIs stake of 0.58% and a public stake of 25.59%.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.