Maruti Infra shares rally 15% ahead of board meet to consider stock split, bonus issue

The Maruti Infrastructure stock hit its all-time high of ₹214.45 apiece on Thursday on the BSE compared with its previous close of ₹186.45 amid heavy trading volumes.

The stock has gained more than 28% in the past 5 trading sessions and is up over 96% in the past one year.

In a stock exchange notification on Wednesday, Maruti Infrastructure said that a meeting of its Board of Directors is scheduled to be held on June 22 to consider a proposal for increase in authorised share capital of the company, the sub-division/split of equity shares of the company and to recommend the proposal for issuance of bonus shares.

The company has not yet declared any record date for the bonus issue and the stock split.

“The trading window for dealing in the securities of the company shall remain closed for all designated persons and their immediate relatives with effect from June 5 till 48 hours after the conclusion of the aforesaid meeting of the board of directors,” said the notification.

“All the Directors, KMPs, designated persons, connected persons and their immediate relatives are advised not to deal in the shares of the company either directly or indirectly during the aforesaid period,” the company informed the stock exchanges.

Last week, Maruti Infrastructure reported a loss for the quarter ended March 2024 (Q4FY24). The company had announced that its net loss stood at ₹92 lakh during the quarter compared with a net profit of ₹78 lakh during the year-ago period. Sales during Q4FY24 were down 11% to ₹11.97 crore as against ₹13.44 crore in Q4FY23.

However, for the full financial year 2023-24, net profit rose 27.2% to ₹1.45 crore compared with ₹1.14 crore in 2022-23. Sales during the period were up 9.1% to ₹38.40 crore compared to ₹35.18 crore in FY23.

Shares of Maruti Infrastructure closed 15.53% higher at ₹215.40 apiece on the BSE.