 "Stock split: Knowledge Marine shares jump 6% as board okays 1:2 subdivision")
Shares of Knowledge Marine & Engineering Works gained up to 6 per cent at Rs 2,294 a piece on the BSE in Tuesday’s intraday trade. Knowledge Marine share price moved up after the company’s board of directors gave a seal of approval on subdivision of its shares in the ratio of 1:2.
“The proposal for sub-division of existing one equity share of the Company having face value of Rs 10 each into two equity shares having face value of Rs 5 each fully paid up was approved by the Board of Directors, subject to approval of the shareholders of the company,” the company said in an exchange filing on Tuesday.
The company said that the stock split will enhance the liquidity in the capital market, widen shareholder base and will make its shares more affordable to small investors.
Apart from that, the board also gave its nod for raising Rs 500 crore via issue of equity shares or any other equity linked instruments.
Knowledge Marine & Engineering Works is an Indian company involved in owning, chartering, and operating marine crafts, as well as providing manning, technical maintenance, dredging, and repair services for marine crafts and infrastructure. The company also undertakes allied marine works within India.
In the second quarter of the 2024-25 financial year (Q2FY25), the company’s consolidated revenue declined 10.4 per cent to Rs 95.62 crore, down from Rs 106.8 crore in the same quarter last year.
Additionally, Knowledge Marine recorded a net profit of Rs 23.46 crore, down 3.9 per cent from a net profit of Rs 24.42 crore in Q2 of the previous year.
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Meanwhile, on the equities side, Knowledge Marine’s stock has outperformed the market, as in the last six months it has surged 62 per cent, while gaining 48 per cent in the last one year. In comparison BSE Sensex has risen 1.8 per cent in the last six months and 10.7 per cent in a year.
The company has a total market capitalisation of Rs 2,387.02 crore. At 1:06 PM; the shares of the company were up 2.15 per cent at Rs 2,210 a piece. By comparison, the BSE Sensex was trading 0.10 per cent higher at 78,622.12 level.