Steel Strips Wheels shares jumped on Monday after the company said its shareholders gave nod to a proposal to split its shares. The stock of the wheel manufacturer jumped as much as five percent in intraday trade after the announcement.
At Steel Strips Wheels' 35th annual general meeting, held on September 30, shareholders approved a plan for the sub-division of its shares, according to a regulatory filing.
According to the proposal, one equity share of the face value of Rs 10 will be split into two equity shares of the face value of Rs 5 each.
The company's board had given its approval to the stock split plan last month.
Speaking on Steel Strips Wheels, Gaurang Shah of Geojit Financial Services said: "Investors always have to keep one thing in mind, you have to know what kind of return you want to make from your investments. As and when you get that, I think it is prudent to at least take some money off the table."
"It is prudent to booking profits at regular intervals... It is one of the disciplines in investing," he said.
In late afternoon deals, Steel Strips Wheels shares were last seen trading up
3.1 percent at Rs 1,850 apiece on BSE with large volume, having climbed to as high as Rs 1,884 earlier on Monday.
A total of 5,292 shares had changed hands for the day so far, as against a daily average of 2,285 in the past two weeks, exchange data showed.
(Edited by : Sandeep Singh)