Shares of KSB hit a new high of Rs 4,350 on the BSE in Wednesday’s intra-day trade after the company announced a stock split plan to make them more affordable for retail investors and boost their shareholding. In past one year, the stock price of the company has nearly doubled or zoomed 98 per cent.
The board of directors of KSB are scheduled to meet on April 26, 2024 to consider and approve the sub-division/split of equity shares of the company. The board will also consider and approve financial results for the quarter ended on March 31, 2024 (Q4FY24).
A stock split is a corporate action, in which a company issues additional shares to shareholders, increasing the total shares by the specified ratio based on the shares they held previously.
Companies often choose to split their stock to lower its trading price to a more comfortable range for most investors and to increase the liquidity of trading in its shares.
In past one month, KSB has outperformed the market by surging nearly 20 per cent, as compared to less than 2 per cent rise in the S&P BSE Sensex.
KSB is one of the world’s leading suppliers of pumps, valves and systems. Combining innovative technology and excellent service to provide intelligent solutions, the company has been offering innovative and sturdy solutions to cater to the myriad needs of the Indian Customer may it be in power, oil, building services, process engineering, water treatment, water transport, etc.
The management said they observed an increase in order inflow from all segments, including Energy, Solar, Valves, General Industry, Water & Wastewater, and Building Services, the company is ready to penetrate deeper in all its segments in the upcoming year. In the foreseeable future, the management is also optimistic of exploring progressive business opportunities in the defence sector.
Last month, KSB received orders of around Rs 267 crore for supply of Pumps for Kudankulam site, Tamil Nadu state, India. The scope of the order is supply of pumps along with accessories including motors. The sales/ supply of products/ services for the orders are expected from the fourth quarter of FY 2025, the company said.
The company had also received a letter of award under the PM-Kusum III Scheme under Component B of Rs 63.22 crore for 2500 solar water pumping systems from Maharashtra Energy Development Agency. The sales/ supply of products/ services for these orders is expected from the second quarter of 2024.
First Published: Apr 10 2024 | 1:08 PM IST