Ajanta Soya shares hit 5% upper circuit after board approves stock split

Ajanta Soya shares hit a 5% upper circuit at Rs 259 after the company announced that its board had approved a 5-for-1 stock split.

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On April 20, 2022, the Ajanta Soya board authorised splitting each Rs 10 face value share into five Rs 2 face value shares. The board also approved an amendment to the company’s memorandum of association’s (MoA) object clause.

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The following new sub-clause was added in the Capital Clause (Clause V) of MoA: “To engage and deal in all aspects of the business, consultancy, generation, transmission, sale, purchase, captive consumption, supply and distribution of solar power/electricity, hydropower, thermal power, geothermal power, biomass power in India and abroad by the establishment of solar power plant or any other type of power generation plant using conventional and/or non-conventional energy sources as may be in use or which may be developed or invented in future.” 

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“To carry on the activities of the nursery, plantation, agriculture, horticulture and farming on any land or property of the company or upon any other property or land whether belonging to the company or not and to act as a consultant in the field of the nursery, plantation, agriculture, horticulture and farming and processing of such products and to import and export plants and other products and products relating to the activities of the nursery, plantation, agriculture, horticulture and farming and extraction and process of such agriculture produce, including but not limited to oilseeds, pulses, rice, wheat, maize, millets, nuts, vegetables or any other kind of agricultural produce.” 

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For almost two decades, Ajanta Soya has been a leading manufacturer and marketer of vanaspati, cooking oils, and bakery products. Ajanta Soya’s net profit fell 24.77% to Rs 5.77 crore in Q3 December 2021 over Q3 December 2020, despite a 28.33% increase in net sales to Rs 308.63 crore.