Bharat Dynamics shares surge 17% post stock split. Details here
Bharat Dynamics share price: The stock was split from a face value of Rs 10 to two shares with face value of Rs 5 each. As the session progressed, the scrip surged 17.30 per cent to hit an adjusted one-year high price of Rs 1,650.
- May 24, 2024,
- Updated May 24, 2024 10:33 AM IST
Shares of Bharat Dynamics Ltd (BDL) traded ex-stock split in Friday's trading session. The stock was split from a face value of Rs 10 to two shares with face value of Rs 5 each. As the session progressed, the scrip surged 17.30 per cent to hit an adjusted one-year high price of Rs 1,650. The counter saw heavy trading volumes as around 3.89 lakh shares were seen changing hands on BSE. The figure was higher than the two-week average volume of 1.13 lakh shares.
Turnover on the counter came at Rs 61.44 crore, commanding a market capitalisation (m-cap) of Rs 57,183.75 crore.
On the rationale behind the stock split move, BDL said it was to comply with Department of Investment and Public Asset Management (DIPAM) guidelines on capital restructuring for encouraging wider participation of small investors and enhancing liquidity of the equity shares of the company.
Separately, the company said A Madhavarao, BDL's CMD, has given the additional charge of Director (Finance) for a period of three months. "The company has received letter from Ministry of Defence, extending the additional charge of the post of Director (Finance) to A Madhavarao, CMD, for another period of 3 months i.e. from May 1, 2024, to July 31, 2024, or till the appointment of regular incumbent, or until further orders whichever is earlier," it stated.
Madhavarao doesn't have any inter-se relationship with any other directors and key managerial personnel of the company, the company added. BDL is scheduled to come up with its quarterly results on May 30.
As of March 31, 2024, the government, promoter of BDL, held 74.93 per cent stake in the company. Off the remaining 25.07 per cent - retail individual shareholders held 8.07 per cent stake, mutual funds (7.93 per cent), insurance companies (3.95 per cent), foreign portfolio investors (2.95 per cent), BSE shareholding pattern data showed.
The defence PSU is engaged in the manufacture of surface to air missiles (SAMs), anti-tank guided missiles (ATGMs), air to air missiles (AAMs), underwater weapons, launchers, countermeasures and test equipment.
Shares of Bharat Dynamics Ltd (BDL) traded ex-stock split in Friday's trading session. The stock was split from a face value of Rs 10 to two shares with face value of Rs 5 each. As the session progressed, the scrip surged 17.30 per cent to hit an adjusted one-year high price of Rs 1,650. The counter saw heavy trading volumes as around 3.89 lakh shares were seen changing hands on BSE. The figure was higher than the two-week average volume of 1.13 lakh shares.
Turnover on the counter came at Rs 61.44 crore, commanding a market capitalisation (m-cap) of Rs 57,183.75 crore.
On the rationale behind the stock split move, BDL said it was to comply with Department of Investment and Public Asset Management (DIPAM) guidelines on capital restructuring for encouraging wider participation of small investors and enhancing liquidity of the equity shares of the company.
Separately, the company said A Madhavarao, BDL's CMD, has given the additional charge of Director (Finance) for a period of three months. "The company has received letter from Ministry of Defence, extending the additional charge of the post of Director (Finance) to A Madhavarao, CMD, for another period of 3 months i.e. from May 1, 2024, to July 31, 2024, or till the appointment of regular incumbent, or until further orders whichever is earlier," it stated.
Madhavarao doesn't have any inter-se relationship with any other directors and key managerial personnel of the company, the company added. BDL is scheduled to come up with its quarterly results on May 30.
As of March 31, 2024, the government, promoter of BDL, held 74.93 per cent stake in the company. Off the remaining 25.07 per cent - retail individual shareholders held 8.07 per cent stake, mutual funds (7.93 per cent), insurance companies (3.95 per cent), foreign portfolio investors (2.95 per cent), BSE shareholding pattern data showed.
The defence PSU is engaged in the manufacture of surface to air missiles (SAMs), anti-tank guided missiles (ATGMs), air to air missiles (AAMs), underwater weapons, launchers, countermeasures and test equipment.