Bajaj Steel Industries’ stock surged after the company confirmed its 3:1 bonus share issuance, setting November 12, 2024, as the record date. On Wednesday, shares opened at ₹2,985 on the Bombay Stock Exchange, a 7.71% increase from the previous close of ₹2,939.65, and peaked at an intraday high of ₹3,160. By the afternoon, the stock was trading 6.39% higher at ₹3,127.40.
The bonus issue, approved by shareholders at an Extraordinary General Meeting on October 28, 2024, means shareholders will receive three additional shares for each share held. The allotment date for these shares is set for November 13, 2024, when 15.6 million bonus equity shares, each valued at ₹5, will be distributed. Bajaj Steel also committed to crediting these shares to shareholder accounts by 12:00 PM on the T+1 day, following the record date.
Analysts indicate a bullish outlook for Bajaj Steel Industries’ stock. With support at ₹2,871, a daily close above ₹3,117 could propel the stock towards a target of ₹3,300 in the near term, according to A.R. Ramachandran, an independent research analyst.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Please consult a financial advisor before making any investment decisions.
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