Diamond Power Infrastructure Ltd. will consider a stock split proposal in its upcoming board meeting on Oct. 15 after the stocks rallied over 2,700% in the last 12 months.
The board will consider and approve the stock split of equity shares of the company, it said in an exchange filing On Wednesday.
The capital clause of the memorandum of association will also be amended accordingly, it said. This will be subject to approval of the shareholders and other necessary approvals.
The date of its board meeting for the declaration of the financial results for the quarter and half year ended Sept. 30 will be intimated, the company said.
Diamond Power's share price rose as much as 5% during the day to lock in the upper circuit at Rs 1,367 apiece on the NSE. This compares to a 0.5% advance in the benchmark Nifty 50 as of 2:06 a.m.
The company's price-to-earnings ratio stood at 423 times while the market capital was Rs 7,193.15 crore on the BSE.
The stock has risen 2,763% during the last 12 months and has advanced by 753% on a year-to-date basis. The total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 47.
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