Lux Industries shares surged over 17 per cent on Wednesday after the company’s said its board of directors will consider the stock-split proposal at a meeting on April 12.
At 12.27 pm, stocks of the company were trading 14.94 per cent up at Rs 3,451. The scrip opened at Rs 3,247.50 and has touched a high and low of Rs 3,522.50 and Rs 3,143, respectively, in trade so far. Later, the share price settled the day 15.07 per cent up at Rs 3455.
“A meeting of the Board of Directors of the company will be held on April 12, 2016… to consider and approve the sub division of equity shares of the company and alteration of memorandum of association of the company,” the company had said in a BSE filing on Tuesday.
In the past two months, shares of Lux Industries slid 9 per cent to Rs 3002.50 on March 15, whereas the BSE Sensex gained marginally 0.39 per cent during the same period.
For the quarter ended December 2015, the company reported net profit of Rs 14.23 crore, up 60.49 per cent, against Rs 8.87 crore in the corresponding quarter a year ago.