MARKETS
Exxaro Tiles has informed exchanges that its board has approved the first stock split. As per the information shared, the board has approved the proposal to divide one equity share into 10 equity shares. However, this is subject to approval by the shareholders. According to the company, the board of directors has approved the division of the shares to enhance the liquidity of the shares in the stock market and to encourage wider participation of small investors. "Approved the sub-division/ split of existing 1 (One) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each fully paid up into 10 (Ten) Equity Shares of face value of Rs. 1/- (Rupees One Only) each fully paid up, subject to shareholders approval and other resolution as per the attached document," the company said in an exchange filing. The record date for the stock split will be decided after a nod from the shareholders. Exxaro Tiles was incorporated in 2008 and is involved in the marketing and manufacturing of vitrified tiles. The company manufactures double-charge vitrified tiles (double-layer pigment) as well as glazed vitrified tiles made from ceramic materials such as quartz, clay, and feldspar. Meanwhile, benchmark Sensex closed lower by nearly 153 points on Tuesday due to selling in index major Reliance Industries, Bajaj Finance and HDFC Bank as weak quarterly results and spike in inflation dented investor sentiment. Paring early gains, the BSE Sensex declined 152.93 points or 0.19 per cent to settle at 81,820.12. During the day, it fell by 337.48 points or 0.41 per cent to a low of 81,635.57. The NSE Nifty settled lower by 70.60 points or 0.28 per cent to 25,057.35 with 30 of its components closing down, 18 with gains and two unchanged. Get Latest Business News , Stock Market Updates and Videos ; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Business Twitter and Facebook . Subscribe on YouTube . None
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