PNN

Ahmedabad (Gujarat) [India], December 17: Jindal Worldwide, a leader in textile industry, announced on Monday that its Board of Directors will meet on January 7 to consider issuance of bonus shares.

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"A meeting of the Board of Directors of the company will take place on January 7 to consider a proposal for issue of bonus equity shares to equity shareholders of the company," Jindal Worldwide side in stock exchange filings.

The Board will also consider and approve an increase in the company's authorised equity share capital to accommodate the issue of bonus shares the same day, it said further.

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Jindal Worldwide also announced that the trading window for dealing in its securities will remain closed for "designated personnel" from December 15 until 48 hours of the public announcement of the board meeting's outcome. The closure complies with Jindal Worldwide's Code of Conduct for Prevention of Insider Trading and pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.

* Shares surged by 10.50% to close at Rs. 426.80 on the BSE on Monday. The company's market cap stood at Rs. 8,558.2 crore.

* Its consolidated net profit for the quarter ended September 2024 rose by 36% to Rs. 17.33 crore while revenue from operations was up by 45.6% to Rs. 570.80 crore.

Following the announcement, Jindal Worldwide's shares surged by 10.50% to close at Rs. 426.80 on the BSE on Monday. The company's market cap stood at Rs. 8,558.2 crore.

The company recently announced robust numbers for the second quarter of financial year 2024-25. Its consolidated net profit for the quarter ended September 2024 rose by 36% to Rs. 17.33 crore while revenue from operations was up by 45.6% to Rs. 570.80 crore. Profit before tax (PBT) grew by 45% to Rs. 23.59 crore, and EBITDA surged by 38.3% to Rs. 48.4 crore.

Jindal Worldwide is a diversified and integrated textile fabrics and shirting manufacturer and one of the world's largest denim fabric manufacturers. The company is also diversifying into new high-growth business opportunities, beginning with a venture in two-wheeler electronic vehicles.

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