Founded in 1907 and headquartered in Mumbai, Jost’s Engineering Company Ltd. is a producer of material handling equipment (MHE) that offers a diverse range of engineering product solutions utilized across various sectors. Following the company’s announcement of a record date for a 2:1 stock split, Jost’s shares rose by 2.14%, closing at Rs 1,149.10 on Friday.
According to a stock exchange filing, the company has set Friday, November 15, 2024, as the “Record Date” for determining the entitlement of equity shareholders for the split. Each existing equity share with a face value of Rs 2 will be subdivided into two shares with a face value of Rs 1 each, maintaining parity in all respects. This stock split was approved by equity shareholders during the Annual General Meeting held on September 16, 2024.
Furthermore, the company indicated that any pending equity convertible securities will also be converted in accordance with the subdivision ratio. Warrant holders will receive two equity shares of Rs 1 each for every one warrant of Rs 2 upon conversion.
On the technical front, Jost’s Engineering stock is currently showing sideways to bearish movement, with a strong resistance level at Rs 1,188. A daily close below the support level of Rs 1,092 could indicate a potential target price of Rs 990 in the near term, according to independent research analyst A R Ramachandran.
This stock split and the associated movements present an interesting scenario for investors and traders alike.
Disclaimer: This information is for educational and informational purposes only and should not be considered as financial advice. Investment decisions should be made based on thorough research and consultation with a qualified financial advisor. The stock market is subject to risks, and past performance is not indicative of future results. Jost’s Engineering Company Ltd. and its stock performance are subject to market fluctuations, and readers are encouraged to exercise caution when investing.
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