Shares of Vesuvius India Ltd surged 7% on February 20 after the company announced that its board of directors will meet on February 26 to consider a stock split. Along with the share split, the board will also discuss issuing a dividend to its shareholders.
At 1 PM, Vesuvius India’s stock was trading at ₹3,857.9 on the NSE, up 7.3% from the previous session’s closing price.
First-Time Stock Split Consideration
For the very first time, the company is contemplating a stock split with the existing face value of ₹10 per equity share. For the first time, the company is also not distributing bonus shares to the shareholders.
Over the past five years, the company distributed ₹43 per equity to its shareholders by way of dividends. Despite the current surge, the stock is 40 per cent down from the all-time high of ₹5,999 that was logged in September 2023.
Vesuvius India Ltd is a UK-based company with a presence that is involved in the manufacture and service of refractory products that are applied to various high-temperature industrial applications like the manufacture of steel, foundry applications, and cement manufacture. Shrouds, stoppers, precasts, nozzles, and crucibles are the range of products that they have to their credit.
Vesuvius India considers India to be a key market of strategic importance with the potential to raise its competitiveness by boosting its manufacture to the advantage of the socio-economic well-being of the communities of the region, 2024 Chairman Biswadip Gupta stated.
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Source: Moneycontrol
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