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Hercules Hoists Recording Date News: Hercules Hoists (HHL) share price was stuck in the upper circuit of 20% at Rs 621.30 on the BSE on Tuesday. Hercules Hoists stock was stuck in the circuit’s upper band after the company set Oct. 11 as the manufacturing company’s split record.
The Bajaj Group company said the board of directors has fixed October 11, 2024 as the registration date for the purpose of determining the eligible shareholders of Hercules Hoists to whom the securities of Indef Manufacturing Limited would be allotted under the program.
Small-cap company Hercules Hoists’ average trading volume increased several-fold today. A total of 2.67 million shares, representing 8.35 per cent of the total capital of Hercules Hoists, had changed hands on the NSE and BSE till 2:43 p.m.
Additionally, buy orders were pending for a total of 140,000 stocks on these exchanges, the data showed.
Hercules Hoists stock had hit an all-time high of Rs 655.05 on July 15, 2024. Since May 2023, in the last 18 months, it has zoomed 211% on the BSE.
The plan of arrangement between HHL and Indef Manufacturing Limited (IML) was approved by the company’s board of directors on September 23, 2022. The plan provides for the transfer of manufacturing operations from HHL to its wholly owned subsidiary (WOS ), namely IML, by way of demerger in order to separate the manufacturing activities from the investment activities of HHL.
HHL will continue to carry out its investment activities after the project.
Pursuant to the demerger, shares in a ratio of 1:1 will be issued to HHL shareholders and shares held by HHL in IML will be cancelled, thereby replicating the mirror shareholding model of HHL in IML.
Regarding the rationale for the project, Hercules Hoists said the demerger would result in the splitting of the manufacturing operations and investment activities of the demerged company with a view to unlocking value, improving the scope of work of the demerged company and of the resulting company, and further to attract new investors, JV, bringing technology partner, merger and acquisition to explore further growth potentials.
The growth of the material handling products industry is closely linked to the expansion of construction, infrastructure, manufacturing, transportation and shipping activities. With the rapid modernization of industries such as food processing, pharmaceuticals, agriculture and chemicals, as well as advancements in transportation and warehousing, the demand for material handling systems is poised to soar. arrow.
As the Indian economy continues to strengthen, the demand for manufactured products will see a notable increase, creating significant opportunities for suppliers offering a diverse range of material handling products and services. The company, in its annual report for FY24, said it expected the sector’s growth to decline and stabilize at a more sustainable rate in the long term, hovering between 7 and 10 percent.
First publication: October 1, 2024 | 3:28 p.m. STI