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WPIL shares rally 10% as company board mulls stock split, dividend
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
WPIL shares were trading with gains of 9.8% after the company announced that it would hold a board meeting to consider a final dividend as well as its earnings for the quarter that ended in March 31, 2024.
Shares of industrial products firm WPIL Ltd. were in demand at Dalal Street on Thursday (May 9) ahead of its board meeting scheduled for May 25, 2024.
The stock was trading with gains of 9.8% after the company announced that it would hold a board meeting to consider a final dividend as well as its earnings for the quarter that ended in March 31, 2024.
Besides the earnings and dividend, the company will also consider a sub-division of equity shares, meaning a stock split.
In case the board approves a stock split, it will be the first one for the company.
Generally, a stock split is considered by a company to increase its outstanding shares, and also improve trading liquidity by making the stock more affordable to its shareholders.
Previously, the company had declared a dividend of ₹20 each in July and November last year.
WPIL is engaged in designing, developing, manufacturing, erecting, commissioning and servicing pumps and pumping systems.
The company has construction contracts related to water supply and irrigation. It caters to both domestic and international markets. WPIL operates through two segments: Assembled to order pumps (ATO) and Engineered to order (ETO).
WPIL shares have gained 34% in a year and is down 2% in 202 4 so far. The stock has surged 6.30% to trade at ₹3,823.80 today, commanding a total market capitalization of ₹3,735 crore. The scrip had settled at ₹3,596 in the previous trading session on session on Wednesday.
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