1:1 Bonus Shares: 2nd May Fixed As Record Date; Bet On The Stock To Be Eligible?

As of Friday's BSE closing session, Nidhi Granites Ltd., a small-cap company in the construction industry, has a market valuation of Rs 83.96 Cr. Sandstone and limestone products, as well as granite and marble slabs, are produced by Nidhi Granites Ltd. Following the Board of Directors' announcement of the record date for bonus shares, Nidhi Granites' shares ended on Friday at a 2% upper circuit limit of Rs 209.90 per share.

Nidhi Granites Bonus Shares

"With reference to recommendation of Board of Directors in their meeting held on 15th March, 2024 for issue of Bonus Equity Shares in the ratio of 1:1 i.e. one new bonus Equity Share of Rs. 10/- each for every one existing Equity Share of Rs. 10/- each held by the shareholders of the Company as on the Record Date, we would like to inform you that Board members of the Company has fixed Thursday, 2nd May, 2024 as the 'Record Date' for ascertaining the eligibility of shareholders entitled for issuance of Bonus Equity Shares of the Company," said Nidhi Granites in a regulatory filing on Friday.

Nidhi Granites Financials

Nidhi Granites' net profit climbed 275.00% to Rs 0.45 crore in the quarter that ended in December 2023 compared to Rs 0.12 crore in the quarter that ended in December 2022. Sales for the quarter ended December 2023 increased by 55.62% to Rs 10.66 crore from Rs 6.85 crore in the corresponding quarter ending December 2022. In Q3FY24, its EBIT was Rs 0.69 Cr, up from Rs 0.22 Cr in Q3FY23. Nidhi Granites is yet to declare its financial results for the quarter ended 31st March 2024.

Nidhi Granites Share Price Target

"Nidhi Granites stock price is sideways on the Daily charts with strong support at 201. A daily close above resistance of 214 could lead to a target of 247 in the near term," said AR Ramachandran from Tips2trades.

Disclaimer

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