Bharat Dynamics shares: Shares of Bharat Dynamics Ltd surged by over 3% today following the approval of a stock split and interim dividend by the board of the state-owned defense company. The company’s shares soared by 3.52% to reach Rs 1720 apiece on the Bombay Stock Exchange (BSE), driving its market capitalization to Rs 31,016 crore. The day commenced with the defense stock opening higher at Rs 1719 on the BSE. During the trading session, approximately 0.22 lakh shares of the company were traded, resulting in a turnover of Rs 3.72 crore on the BSE. Notably, Bharat Dynamics’ stock had achieved its 52-week peak at Rs 1984.80 on February 27, 2024, and had experienced a low of Rs 879 on March 28, 2023.
In just two years, the multi-bagger defense stock generated multi-bagger returns of 194%, and in three years, it earned 375%.
The Bharat Dynamics stock currently surpasses the 5-day, 100-day, 150-day, and 200-day moving averages, while lagging behind the 10-day, 20-day, 30-day, and 50-day moving averages. This midcap stock has recorded an impressive 86% gain over the past year, yet has experienced a slight decline of 1.71% since the beginning of the current year.
The company has endorsed a subdivision plan whereby one existing stock, with a face value of Rs 10, will be split into two equity shares, each with a face value of Rs 5.
The Bharat Dynamics board has sanctioned an interim dividend of Rs 8.85 per equity share. April 2 has been designated as the record date for this interim dividend, with payment scheduled to be completed on or before April 18, 2024.
The announcement of the record date for the stock split will occur after obtaining shareholders’ approval for the stock split via a post-ballot electronic voting process. The post-ballot notice and e-voting instructions will be sent to shareholders who hold shares till the cut-off date of March 22, 2024, the company said.
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Bharat Dynamics specializes in the production of missiles and related defense equipment. The company primarily supplies its products and services to the Indian Armed Forces and the Government of India.
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