Garware Technical Fibres‘ shares surged 13.8% on Monday, reaching an all-time high of Rs 4,485.05 per share on the BSE. The stock’s jump followed the company’s strong Q2 performance and the approval of a bonus issue by its board.At 9:28 AM, shares of Garware Technical Fibres were trading 13.42% higher at Rs 4,482 per share on the BSE, while the BSE Sensex had dropped 0.50% to 77,194.27. The company’s market capitalization stood at Rs 8,898.19 crore. The stock’s 52-week high was Rs 4,567.8 per share, while its 52-week low was Rs 3,116.1.

For the September quarter, Garware reported a 26% year-on-year increase in consolidated net profit, rising to Rs 66 crore from Rs 52 crore in Q2 FY24. Revenue from operations grew by 28.1%, reaching Rs 421 crore, up from Rs 328 crore a year ago.

Earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to Rs 91 crore, compared to Rs 69 crore in the previous year, with EBITDA margins improving slightly to 21.7% from 20.9%.

The company’s board also approved a bonus issue of 7,94,12,676 shares of Rs 10 each, with a bonus ratio set at 4:1. This means shareholders will receive four new fully paid-up equity shares for every one existing share.

Also read | WPI inflation rises to 4-month high of 2.36 per cent in October

Following the bonus issue, the company’s paid-up equity share capital will increase to Rs 99,26,58,450, consisting of 9,92,65,845 fully paid-up equity shares of Rs 10 each, up from Rs 19,85,31,6901, which consisted of 1,98,53,169 shares.

Garware Technical Fibres, previously known as Garware-Wall Ropes Ltd., is a leader in technical and industrial textiles in India. Established in 1976 and based in Pune, Maharashtra, the company provides high-performance solutions across various sectors, including agriculture, aquaculture, automotive, and infrastructure.

The company’s product range includes synthetic fibers, nets, ropes, and fabrics used in applications such as crop protection, fishing nets, geosynthetics, and safety products.

Over the past year, Garware Technical Fibres’ shares have gained 24.8%, outperforming the Sensex, which has risen by 18%.

For more such updates, click here.