Public CompanyJindal Saw pares gains after stock split
Jindal Saw"s board has announced that it would split its equity shares, with a face value of Rs 10 each, into five equity shares of Rs 2 each.
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The shares ended the day flat at Rs 742, marginally down by Rs 2 or 0.3%, on the BSE. The stock had opened strong at Rs 754 and touched a high of Rs 767 and a low of Rs 732. A total of 437,358 shares were traded on the BSE as against the 2-week average of 215,670.
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(Updated at 11.16)
With stock-split plans on the anvil, Jindal Saw is trading at 762, up Rs 17 or 2.2% on the BSE,
The Board of Directors of Jindal Saw, at the meeting scheduled today, will consider splitting the face value of the company"s equity shares.
The board will also consider the quarterly financial results for the third quarter ended September 30, Jindal Saw said in a filing to the Bombay Stock Exchange.