JSW Ispat Special Products (Delisted) share price

BSE: 513446Industrial Products

JSW ISPAT SPECIAL PRODUCTS LIMITED · Formerly Monnet Ispat & Energy · Face value ₹10 · Listed Oct 1993

Last traded ₹39.00 on 9 Aug 2023

Delisted on 28 Mar 2024.

Last announcements

The company's own last announcements before its shares stopped trading, routine notices left out.

  1. Sep 2023

  2. Aug 2023

  3. Jul 2023

Share price history

Daily closes since Jan 2007, BSE closes Jan 2007 to Jul 2007, Jul 2007 to Feb 2008, Feb 2008 to May 2008, May 2008 to Jul 2010, Nov 2012 to Aug 2013, Aug 2013 to Feb 2014, in Feb 2014, Mar 2014 to Jun 2014, Jun 2014 to Jul 2014, in Jul 2014, in Jul 2014, Jul 2014 to Aug 2014, Aug 2014 to Jul 2015, in Aug 2015, Aug 2015 to Mar 2016, Mar 2016 to Jun 2017, Jun 2017 to Nov 2017, in Nov 2017 and Nov 2017 to Apr 2018, adjusted for splits and bonuses

Daily close, ₹ per share

Q1 results, quarter to Jun 2023

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

Revenue
₹1,309 Cr−21.4% on a year ago · −20.6% on the quarter before
Operating profit
₹48 Cr+180.3% on a year ago · −64.0% on the quarter before
Net profit
−₹91 Cr
Earnings per share
−₹1.95
Operating margin
3.7%
Net margin
−7.0%

From revenue to net profit, ₹ crore

  1. Revenue1,309
  2. Materials and goods−975
  3. Employee costs−23
  4. Other expenses−262
  5. Operating profit48
  6. Depreciation−63
  7. Other income+4.3
  8. Finance costs−80
  9. Profit before tax−91
  10. Tax0.0
  11. Net profit−91

JSW Ispat Special Products results by quarter

Standalone: the listed company alone, without its subsidiaries. Latest quarter to Jun 2023. Results for the quarter to Sep 2023 were due by 14 Nov 2023, 45 days after it ends. Every company's dates are on the results calendar.

Revenue and net profit by quarter, ₹ crore

  • Revenue
  • Net profit
  • Loss
955−62Sep 201,16130Dec 201,47781Mar 211,46263Jun 211,437−37Sep 211,473−28Dec 211,68811Mar 221,665−92Jun 22758−208Sep 221,102−97Dec 221,6490.3Mar 231,309−91Jun 23
Peak revenue ₹1,688 Cr, quarter to Mar 2022; lowest ₹758 Cr, quarter to Sep 2022A loss in the quarter to Jun 2023, −₹91 Cr

Operating and net margin by quarter, per cent

  • Operating margin
  • Net margin
13.9%−27.5%6.6%13.1%13.9%12.2%5.8%6.3%7.0%1.0%−12.2%3.0%8.1%3.7%−6.5%2.6%5.5%4.3%−2.6%−1.9%0.6%−5.5%−27.5%−8.8%0.0%−7.0%Sep 20Mar 21Sep 21Mar 22Sep 22Mar 23Jun 23
₹ croreSep 2018Dec 2018Q3Mar 2019Jun 2019Q1Sep 2019Dec 2019Q3Mar 2020Jun 2020Q1Sep 2020Dec 2020Q3Mar 2021Jun 2021Q1Sep 2021Dec 2021Q3Mar 2022Jun 2022Q1Sep 2022Dec 2022Q3Mar 2023Jun 2023Q1
Revenue from operations4204945337776605836175959551,1611,4771,4621,4371,4731,6881,6657581,1021,6491,309
4124725758026606086126308921,0091,2711,2841,3551,3811,5691,6478501,0691,5151,261
Materials and goods bought3333844145454854714424597207821,0091,0111,0411,0591,1951,2907028671,164975
Employee costs1922293328292628302928343231323235323623
Other expenses6067131224147107144142142198235238282291342325113170315262
Operating profit before depreciation822−42−251−255−3563152206179839311917−923313448
Operating margin1.8%4.4%−7.9%−3.3%0.1%−4.2%0.9%−5.9%6.6%13.1%13.9%12.2%5.8%6.3%7.0%1.0%−12.2%3.0%8.1%3.7%
Depreciation and amortisation8256515353535755585757555656555757656463
Other income357644133335753151548144
Finance costs1649536262636566696872666868686863748280
Profit before one-off items and tax−87−78−139−135−111−137−104−154−62308163−37−2811−92−208−973−91
One-off items−2,77305000000000000000−20
Profit before tax−2,860−78−134−135−111−137−104−154−62308163−37−2811−92−208−970−91
Tax00000000000000000000
Tax rate–––––––––0.0%0.0%0.0%––0.0%–––0.0%–
Net profit−2,860−78−134−135−111−137−104−154−62308163−37−2811−92−208−970−91
Other comprehensive income00−310−40001011−21−1−1−1−110
Total comprehensive income−2,859−78−165−135−115−137−104−154−61308264−39−2710−93−209−981−91
Net margin−681.3%−15.7%−25.2%−17.4%−16.9%−23.5%−16.9%−25.8%−6.5%2.6%5.5%4.3%−2.6%−1.9%0.6%−5.5%−27.5%−8.8%0.0%−7.0%
Earnings per share−₹103.60−₹1.66−₹3.52−₹2.88−₹2.37−₹2.92−₹2.22−₹3.27−₹1.32₹0.63₹1.72₹1.35−₹0.78−₹0.60₹0.23−₹1.97−₹4.43−₹2.06₹0.01−₹1.95
Diluted earnings per share−₹103.60−₹1.66−₹3.52−₹2.88−₹2.37−₹2.92−₹2.22−₹3.27−₹1.32₹0.30₹0.81₹0.64−₹0.78−₹0.60₹0.11−₹1.97−₹4.43−₹2.06–−₹1.95
Earnings per share in rupees, restated for later splits and bonuses.

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
2,31067Mar 143,212−796Mar 151,854−1,683Mar 161,375−1,734Mar 171,419−1,901Mar 181,879−3,4612,198Mar 192,638−4882,619Mar 204,188−1052,498Mar 216,0619.22,672Mar 225,173−3973,160Mar 23
A loss in the year to Mar 2023, −₹397 CrA loss in 8 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin
18.4%−184.2%18.4%4.7%−18.5%−6.2%4.3%0.0%−1.7%9.2%7.8%1.8%2.9%−24.8%−90.8%−126.1%−134.0%−184.2%−18.5%−2.5%0.2%−7.7%Mar 14Mar 16Mar 18Mar 20Mar 22Mar 23

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2023

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

  1. Revenue5,173
  2. Materials and goods−4,023
  3. Employee costs−134
  4. Other expenses−924
  5. Operating profit92
  6. Depreciation−243
  7. Other income+41
  8. One-off items−2.3
  9. Finance costs−286
  10. Profit before tax−397
  11. Tax0.0
  12. Net profit−397

What the company owns

  • Plant, investments and other assets₹3,531 Cr
  • Inventory₹1,290 Cr
  • Receivables₹634 Cr
  • Cash and bank₹284 Cr
  • Current investments₹0 Cr

What pays for it: net worth and liabilities

  • Borrowings₹3,160 Cr
  • Owed to suppliers₹1,338 Cr
  • Net worth₹992 Cr
  • Other liabilities₹248 Cr

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2023, the latest four quarters added.

₹ croreMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Jun 2023Twelve months
Revenue from operations2,3103,2121,8541,3751,4191,8792,6384,1886,0615,1734,817
1,8863,0602,1971,4611,3581,8792,6823,8025,5885,0814,694
Materials and goods bought1,4792,3431,6771,0741,1211,4781,9432,9704,3064,0233,709
Employee costs144194143––89116116130134125
Other expenses263523377––3116227171,153924860
Operating profit before depreciation424152−343−86611−4438547392123
Operating margin18.4%4.7%−18.5%−6.2%4.3%0.0%−1.7%9.2%7.8%1.8%2.6%
Materials, % of revenue64.0%73.0%90.5%––78.6%73.7%70.9%71.0%77.8%77.0%
Employee costs, % of revenue6.2%6.0%7.7%––4.8%4.4%2.8%2.1%2.6%2.6%
Other expenses, % of revenue11.4%16.3%20.3%––16.6%23.6%17.1%19.0%17.9%17.9%
Depreciation and amortisation139281359356352276217227223243249
Operating profit after depreciation285−130−702−442−291−275−261158250−150−126
Other income5147483412272613304131
Finance costs2396539401,1101,182445253276271286298
Profit before one-off items and tax97−736−1,594−1,519−1,460−693−488−1059−395−394
One-off items–−253−90−210−441−2,768000−2−2
Profit before tax97−989−1,683−1,729−1,901−3,461−488−1059−397−396
Tax30−19305–000000
Net profit67−796−1,683−1,734−1,901−3,461−488−1059−397−396
Other comprehensive income–––––−33−43−1−3−2
Total comprehensive income–––––−3,494−492−1028−400−398
Net margin2.9%−24.8%−90.8%−126.1%−134.0%−184.2%−18.5%−2.5%0.2%−7.7%−8.2%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.
Earlier years, Mar 2008 to Mar 2013
₹ croreMar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013
Revenue from operations1,1591,5491,4811,5731,8971,980
9071,1901,0351,123–1,482
Materials and goods bought7799607978891,1421,174
Employee costs41––––108
Other expenses87––––199
Operating profit before depreciation252359446450–498
Operating margin21.7%23.2%30.1%28.6%–25.2%
Materials, % of revenue67.2%––––59.3%
Employee costs, % of revenue3.5%––––5.5%
Other expenses, % of revenue7.5%––––10.0%
Depreciation and amortisation44657274–89
Operating profit after depreciation208294374376–409
Other income304832296349
Finance costs1671744487119
Profit before tax221271331362377338
555562808888
Net profit166216269281289250
Net margin14.3%13.9%18.2%17.9%15.2%12.6%
Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023
1,9781,4861,3841,392992
Share capital996996996996996
Reserves982490388396−3
2,1982,6192,4982,6723,160
6189901,2641,4692,578
2,0472,2862,3402,3222,169
4,6444,7624,9875,1835,739
3,5393,5373,4363,3803,221
1,1011,2251,5401,8032,519
Net debt1,9852,4542,3702,5422,877
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2014, Mar 2015, Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ croreMar 2021Mar 2022Mar 2023
388276−71
389282−63
−17−202−175
Receivables−136−68−373
Inventories−68−185−186
Payables29073503
Other working capital−103−21−118
Tax paid−1−5−8
Capital spending95145151
Free cash flow293131−221
−83−122−119
−329−116235
Dividends paid000
Shares bought back000
Shares issued000
Net change in cash−243945
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2014, Mar 2015, Mar 2016, Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Standalone, ₹ per share, years to March.

₹ per shareMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Earnings per share₹8.25––−₹86.39−₹94.68−₹94.44−₹10.40−₹2.24₹0.20−₹8.46
Diluted earnings per share₹8.10––−₹86.39−₹94.68−₹94.44−₹10.40−₹2.24₹0.09−₹8.46
Book value per share––––––₹31.65₹29.46₹29.64₹21.13
Shareholder yield–––––––0.0%0.0%0.0%
Market cap at the year end (₹ crore)586––––1,3174321,2301,5141,460

Ratios

Standalone, years to March.

RatioMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue growth16.7%39.1%−42.3%−25.8%––40.4%58.7%44.7%−14.6%
Operating profit growth−14.8%−64.2%–––−98.6%––22.7%−80.5%
Net profit growth−73.4%–––––––––
Earnings per share growth−78.9%–––––––––
–––––−175.0%−28.2%−7.3%0.7%−33.3%
––––––146.8 pts20.9 pts8.0 pts−34.0 pts
From the net margin––––––157.4 pts24.4 pts7.8 pts−34.2 pts
From asset turnover––––––−6.8 pts−2.0 pts0.2 pts6.9 pts
From borrowing––––––−3.8 pts−1.5 pts0.0 pts−6.7 pts
Return on capital employed–––––−6.6%−6.4%4.1%6.1%−3.6%
Cash conversion––––––––3,010.0%–
Interest cover1.2––––––0.60.9–
Debt to equity–––––1.111.761.811.923.19
Receivable days–––––97161545
Inventory days–––––16316111494117
Payable days–––––99929672121
Cash conversion cycle, days–––––7376343840
Working capital days–––––8261333848
Asset turnover–––––0.400.560.861.190.95
Assets per rupee of net worth–––––2.352.723.403.664.58
Sales per rupee of plant–––––0.560.821.342.031.73
Capital spending to depreciation–––––––0.420.650.62
Plant being built, % of plant in use–––––4.6%7.4%5.6%5.6%1.2%
Interest cover is left blank for the years to Mar 2015, Mar 2016, Mar 2017, Mar 2018, Mar 2019, Mar 2020 and Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2014, Mar 2015, Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2023.

Return on assets, latest year
−7.3%
Cash from operations against operating profit
−76.6%
Measure10 years5 years3 years
Revenue growth, yearly rate––25.2%
Return on equity, average–−48.6%−13.3%
Return on capital employed, average–−1.3%2.2%
Operating margin, average2.0%3.4%6.3%
Net margin, average−58.5%−42.5%−3.3%
Asset turnover, average–0.791.00
Cash conversion cycle, days, average–5237
Interest cover, average––0.7
Debt to equity, average–1.962.30

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2023.

₹ crore3 yearsLatest year
Cash from operations593−71
Cash from investing−324−119
Cash from financing−210235
Capital spending391151
Dividends paid00
Shares bought back00
Shares issued for cash00
Borrowings raised857613
Borrowings repaid322127

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Effective tax ratePublished threshold 17.16 per cent31.39–––––––––
A threshold marked as ours has no published figure; it is the line we read the check against.

Business segments

In the year to Mar 2023 the company reports one business segment, Operating Revenues, which carries all its revenue.

Where the return came from

Yearly rates to Mar 2023, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−3.6%––0.0%
3 years+50.1%––0.0%
5 years+15.5%––0.0%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 1 year is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.

Who owns JSW Ispat Special Products, filing by filing

Per cent of the company's shares. Every filing on record, from Sep 2021; the latest is the filing for Jun 2023.

Jun 2023 filing

  • Promoters53.17%
  • Foreign institutions8.91%
  • Indian institutions4.58%
  • Individuals and others33.34%

Shareholding pattern, per cent, from Sep 2022

  • Promoters
  • Foreign institutions
  • Indian institutions
  • Individuals and others
53.17%2.98%53.17%53.17%53.17%53.17%2.98%5.54%7.67%8.91%3.96%3.96%4.73%4.58%39.89%37.33%34.43%33.34%Sep 22Dec 22Mar 23Jun 23
Per centSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023
53.17%53.17%53.17%53.17%53.17%53.17%53.17%53.17%
Indian promoters53.17%53.17%53.17%53.17%53.17%53.17%53.17%53.17%
46.83%46.83%46.83%46.83%46.83%46.83%46.83%46.83%
Promoter shares pledgedShare of the promoters' own shares81.13%81.13%81.13%81.13%81.13%81.13%81.13%81.13%
Shares in issue46,95,47,53446,95,47,53446,95,47,53446,95,47,53446,95,47,53446,95,47,53446,95,47,53446,95,47,534
Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. Pledged is the share of the promoters' own shares given to lenders as security. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.

Number of JSW Ispat Special Products shareholders

Shareholders on the company's register in each filing.

Shareholders, filing by filing

97,893Sep 211,09,118Dec 211,28,697Mar 221,35,617Jun 221,28,226Sep 221,17,719Dec 221,09,910Mar 231,03,160Jun 23
ShareholdersSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023
All shareholders97,8931,09,1181,28,6971,35,6171,28,2261,17,7191,09,9101,03,160
44444444
Indian promoters44444444
97,8891,09,1141,28,6931,35,6131,28,2221,17,7151,09,9061,03,156
Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. A dash is a line the filing did not state.

JSW Ispat Special Products promoters

Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Jun 2023; the largest is CREIXENT SPECIAL STEELS LIMITED, 48.12%. The filing names 1 more member with no shares.

Holder
CREIXENT SPECIAL STEELS LIMITEDIndian companies, trusts and others48.12%22,59,34,60789.65%
JTPM ATSALI LIMITEDIndian companies, trusts and others5.01%2,35,08,4270.00%
JSW TECHNO PROJECTS MANAGEMENT LIMITEDIndian companies, trusts and others0.04%2,05,8080.00%
JSW STEEL LIMITEDIndian companies, trusts and others0.00%3990.00%
Pledged is the share of the holder's own shares pledged to a lender.

Largest public holders of JSW Ispat Special Products, filing by filing

Per cent, on the same shares as the split above.

HolderSep 2022Dec 2022Mar 2023Jun 2023
MORGAN STANLEY ASIA (SINGAPORE) PTEForeign portfolio investors, category I–3.14%4.73%5.29%
GLOBE CAPITAL MARKET LIMITEDCompanies1.75%1.72%1.72%2.39%
BOFA SECURITIES EUROPE SAForeign portfolio investors, category I––1.31%1.52%
MORGAN STANLEY INDIA COMPANY PRIVATE LIMITEDCompanies––1.06%1.37%
Pashupati Captial Services Pvt LtdCompanies1.01%1.01%–1.04%
SOCIETE GENERALEForeign portfolio investors, category I1.19%–––
A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. A dash is a filing that did not name the holder, which includes holding under one per cent.

Who moved in the Jun 2023 filing

Against the Mar 2023 filing. A filing names a public holder only at 1% or more, so a holder no longer named fell under 1% or sold out.

  • Foreign institutions: MORGAN STANLEY ASIA (SINGAPORE) PTE 5.29%, +0.56 pts; BOFA SECURITIES EUROPE SA 1.52%, +0.21 pts
  • Individuals and others: Pashupati Captial Services Pvt Ltd newly named at 1.04%; GLOBE CAPITAL MARKET LIMITED 2.39%, +0.67 pts; MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED 1.37%, +0.31 pts

JSW Ispat Special Products share price by year

Each calendar year to 2023.

YearClose at year endChangeHighest closeLowest close
202339.00+19.4%39.0029.00
202232.65−5.8%42.9022.70
202134.65+18.7%64.8523.55
202029.20+103.5%29.408.15
201914.35−64.0%40.709.35
2018BSE close39.85+12.9%45.509.30
2017BSE close35.30+55.5%43.6023.60
2016BSE close22.70−35.6%34.3519.50
2015BSE close35.25−47.7%71.2528.40
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. The 2023 close is its last trade, on 9 Aug 2023.

Recent sessions

The 10 trading days to 9 Aug 2023, as traded on BSE.

DateOpenHighLowCloseAverage priceVolume
9 Aug 202337.9539.1537.9539.0038.3490,78,528
8 Aug 202338.4538.6037.7537.9538.1734,67,346
7 Aug 202338.0038.7037.7038.4538.3629,05,079
4 Aug 202338.4038.5536.9037.9038.1926,35,628
3 Aug 202338.0038.2537.5538.1037.8990,70,534
2 Aug 202338.7038.8037.7538.1038.291,13,72,020
1 Aug 202338.3039.6038.2038.8038.771,37,77,656
31 Jul 202337.8538.3537.5538.0038.0216,46,331
28 Jul 202337.3037.8536.6537.5537.3413,84,735
27 Jul 202337.7038.0036.9036.9537.4024,95,831
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.

Ex-dateEventPrice factorWhat happened
14 Sep 2018Price move–Between two trading sessions the price moved by a fifth or more. No corporate action is on record. Not adjusted for.
6 Oct 2008Price move–Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for.
Each event is noted and not adjusted for.

Company details

BSE code
513446
ISIN
INE743C01021
Industry
Industrial Products
Former symbols
JSWISPL, AIONJSW, AIONJSW, MONNETISPA
Website
www.aionjsw.in
CIN
L02710MH1990PLC363582
Corporate identity number, the registrar of companies' code for it
Incorporated
1990
Registered office
JSW Centre, Bandra Kurla Complex, Bandra East, Mumbai 400051, Maharashtra
Share registrar
MCS Share Transfer Agent Ltd
Keeps the register of shareholders and handles transfers and dividend payments