š GTL Share Price Soars by 5% to Reach 20.24 Rupees
Investors had Gujarat Toolroom Limited (GTL) on their radar on Wednesday as the stock surged by 5% to reach 20.24 rupees. GTL has announced the date for its rights issue, which will open on June 14 and close on July 12, 2024. The record date for GTL’s rights issue is June 5, 2024. The company will offer 61,108,960 equity shares at a price of 8 rupees per share, making the size of the rights issue 48.89 crore rupees.
š GTL Reports Impressive Quarterly Results
Gujarat Toolroom Limited recently announced its results for the March quarter. The company’s net profit for the quarter has increased significantly to 50.29 crore rupees, primarily due to a substantial increase in revenue. GTL reported a net profit of 73 lakh rupees for the same quarter last year. Total revenue for the quarter stood at 377.35 crore rupees, up from 1.64 crore rupees in the same quarter last financial year. Total expenses also increased to 326.72 crore rupees from 61 lakh rupees in the previous year.
š¼ Market Capitalization and Trading Information
On Friday (May 31, 2024), GTL’s share price was trading at 12.2 rupees, up by 0.08%. The company has a market capitalization of 112.44 crore rupees. The 52-week high and low for GTL’s stock are 62.97 rupees and 11.18 rupees, respectively. GTL is engaged in the manufacturing of industrial machinery and equipment in Ahmedabad.
GTL recently announced plans to enter the green energy sector by acquiring 65 acres of land in Gujarat for setting up a green energy plant with an investment of 572 crore rupees.
š Rights Issue and Stock Market Listing
Listed companies in the stock market issue rights to raise funds. Under rights issue, companies offer existing shareholders the opportunity to purchase additional shares. Shareholders can buy shares at a predetermined price within a specified period under the rights issue. Shareholders can purchase a certain amount of shares as determined by the company.
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