HEG Ltd shares tumbled more than 7% in early trading today after the graphite electrode manufacturer released its Q1 results. The company also announced a 1:5 stock split. HEG shares fell 7.21% to Rs 2011 on Wednesday, after closing at Rs 2167.40 the previous day. The firm’s market capitalization dropped to Rs 7801 crore on the BSE.
Net profit dropped 84.43% to Rs 23.04 crore in the June 2024 quarter, from Rs 139.12 crore in the June 2023 quarter. Revenue fell 15% to Rs 571.46 crore in the past quarter, compared to Rs 671.43 crore in Q1 of the previous year.
The company stated in a communication to bourses, “Sub-division/ split of each equity share of face value of Rs 10/- (Rupees Ten only) each, fully paid-up into 5 (Five) equity shares of face value of Rs 2/- (Rupee Two only) each, fully paidup by alteration of Capital Clause of the Memorandum of Association of the Company, subject to the approval of the members of the Company to be sought tlu·ough Postal Ballot. The Record Date for sub-division/ split of existing equity shares will be intimated in due course.”
As of 12:11 pm, HEG shares were trading 7.00% lower at Rs 2,017.95 on the NSE.
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