Raghav's productivity jumps 9% as board meets on October 18 to discuss bonus issue

2 minutes of reading Last update: October 11, 2024 | 1:38 p.m. STI

Shares of Raghav Productivity Enhancers soared 9.2 percent on Friday to register an intraday high of Rs 1,220.8.

The company’s shares rose after it informed exchanges about a board meeting scheduled for October 18 to mull over a proposed bonus share issue.

At around 12:32 pm, shares of Raghav Productivity Enhancers were up 7.64 percent at Rs 1,203.1 per share. In comparison, the BSE Sensex fell 0.26 percent to 81,401.39 around the same time.

The company’s market capitalization was Rs 2,761.43 crore at the same time.

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“The meeting of the Board of Directors of the Company for the financial year 2024-25 will be held on Friday, October 18, 2024, at 10:30 am… Consider and approve the proposal for issue of bonus shares subject to necessary approvals” , said the company’s exchange document.

Meanwhile, the board will also consider the financial result for the quarter ending September 30, 2024, and an increase in authorized capital, along with a proposal for some investments.

Prior to this, according to BSE corporate action data, Raghav Productivity Enhancers had issued bonus shares last year on August 8, 2023, in the ratio of 1:1. The company, on May 17, 2024, had granted a final dividend of Rs 0.9 to its shareholders.

“A final dividend of Rs. 0.90 per equity share of Rs. 10 each for the financial year ending March 31, 2024,” the document said.

For the quarter ending June 30, 2024, the company reported a net profit of Rs 8.28 crore, compared to Rs 5.73 crore, a year ago. Its revenue for the quarter (Q1FY25) stood at Rs 45.04 crore, compared to Rs 30.11 crore in the year-ago period.

Raghav Productivity Enhancers is one of the largest manufacturers of silica packing materials in the world, according to its website. Silica compaction paste is a high-purity refractory material used to line induction furnaces, protecting them from extreme temperatures and chemical reactions during metal melting, while also offering strong thermal and mechanical durability.

Over the last one year, Raghav Productivity Enhancers shares have gained 65%, compared to the BSE Sensex’s 23% rise during the same period.

First published: October 11, 2024 | 1:31 p.m. STI