This oil and gas stock to consider stock split soon; shares surge

Market


Shares of Deep Industries Ltd surged more than 3% to 310 apiece on the BSE in Wednesday’s trading session after the company informed that its board will meet on Monday, February 6, 2023 to consider the proposal of sub division of equity shares or stock split along with announced its third quarter earnings (Q3FY23).

“We wish to inform you that, the meeting of the Board of Directors of the Company is scheduled to be held on Monday, February 06, 2023 inter-alia to transact the following business: To consider, approve and take on record Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended on December 31, 2022 and to take on record Limited Review Report thereon pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” the company announced in an exchange filing.

It further said that the board will “consider and approve the proposal to Sub- Division /Split of the Equity Shares of the Company in such manner as may be determined by the Board of Directors and subject to approval of the Shareholders and such authorities as may be required.”

A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders. A company engages in stock split decision to make its stock more affordable if its price levels are very high, which in thus would lead to increase in liquidity in the stock. 

Deep Industries Limited started in the year 1991, with a primary objective of catering to the Oil and Gas Industry. Deep Industries shares over 66% in a year’s period.


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