Steel Strips shares surged after the stock split announcement as the stock was up 5% to ₹1,665 per share on the BSE. Steel Strips is based out of Chandigarh with manufacturing facilities at Dappar (Punjab), Oragadam (Chennai), Jamshedpur(Jharkhand), Mehsana (Gujarat) and Saraikela (Jharkhand). Steel Strips Wheels achieved highest ever export sales, highest ever alloy wheel sales and highest ever tractor wheel sales in July. A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders. Stock split decreases the market price of the individual shares, however, does not result in changing the market capitalization of the company.

Source: Mint August 17, 2021 07:54 UTC