Bajaj Steel Industries Limited has experienced notable activity in its stock price following the announcement of a 3:1 bonus share issuance.
Key Highlights:
- Share Price Movement:
- The stock began trading at ₹2,985 on the BSE, reflecting a 7.71% increase from its previous close of ₹2,939.65.
- It reached an intraday high of ₹3,160 and was trading at ₹3,127.40, showing a 6.39% rise during afternoon trading.
- Bonus Shares Details:
- The company has set November 12, 2024, as the record date to determine which shareholders are eligible for the bonus shares.
- Shareholders will receive 3 new equity shares for every 1 share held.
- The allotment of 15,600,000 bonus equity shares is scheduled for November 13, 2024.
- Market Outlook:
- Market analysts are optimistic about Bajaj Steel’s stock, highlighting strong support at ₹2,871.
- A closing price above the resistance level of ₹3,117 could pave the way for a potential target of ₹3,300 in the near future.
Investment Consideration
Investors looking to take advantage of the bonus share issuance should ensure they hold shares by the record date. It is advisable to consult with certified financial experts before making any investment decisions.
Disclaimer: This summary is for informational purposes only and does not constitute financial advice. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
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