Senco Gold Announces 1:2 Stock Split, Sets Record Date
Stock Split Details
Senco Gold Limited, a major jewellery retailer in India with 166 retail stores across the country and one in Dubai, has announced a 1:2 stock split. The company has been operating for more than 85 years and is recognized as the second Most Trusted Jewellery Brand by TRA for the fourth consecutive year. Following the announcement of the record date for the stock split, Senco Gold's shares closed the day 1.85% down at ₹1027.20, with a market capitalization of ₹8,402.75 Cr.
Record Date for Stock Split
In a stock exchange filing, Senco Gold stated that the Board of Directors has fixed the record date as January 31, 2025, for the sub-division/split of the equity shares. This means that one equity share with a face value of ₹10 will be split into two equity shares with a face value of ₹5 each.
Business Update: Q3 & 9M FY25
In October 2024, the company achieved its highest-ever monthly revenues of over ₹1000 Cr. In Q3FY25, it recorded revenues of over ₹2000 Cr in a single quarter. The revenue has surpassed ₹6000+ Cr on a trailing twelve-month (TTM) basis, demonstrating progress towards a full-year growth of 19%-20%. While retail growth remained consistent at 19% YoY in Q3, the company's overall sales grew 22% YoY in Q3 and 19% YoY in 9M.
Fundraising Through QIP
The company raised ₹459 Cr through a Qualified Institutional Placement (QIP) and distributed equity shares at a price of ₹1,125 per share. The offering saw strong interest from both new and existing investors. The equity share capital base has grown from 7.77 Cr to 8.18 Cr shares due to this allocation.
Store Expansion
Senco Gold has opened 12 showrooms in the past nine months, including 7 of its own, bringing the total showroom count to 170, including 69 franchisee showrooms. During the quarter, four new showrooms were opened in Gwalior (MP), Dehradun (UK), Barakar (WB), and Chandaneshwar (Odisha).
Stock Price Analysis
According to A R Ramachandran, an Independent Research Analyst, "Senco Gold stock price is slightly bearish on the Daily charts with strong resistance at 1075. A Daily close below support of 994 could lead to a target of 868 in the near term."
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