1:1 Bonus Shares: Radhakishan Damani Stock Turns Ex-Bonus Today; Buy/Sell Or Hold?

Today's attention will be on the shares of Advani Hotels and Resorts (India), as the stock trades ex-bonus. The record date for the 1:1 bonus shares that the corporation announced was March 20, 2024. The stock is scheduled to trade ex-bonus on Wednesday in accordance with the T+1 settlement method. This implies that investors purchasing shares of Advani Hotels and Resorts on or after the ex-date will not be entitled to receive the bonus shares. Advani Hotels & Resorts (India), which had gained 56.35% YTD, wrapped up 0.86% down on the BSE on Tuesday at Rs 161.55 a share prior to trading ex-bonus.

Advani Hotels and Resorts (India) Bonus Shares

The National Stock Exchange of India Limited and BSE Limited granted the company in-principle approval on March 14, 2024, for the issuance and proposed allotment of 4,62,19,250 equity shares of Rs 2/-each as bonus shares. This represents a 1:1 ratio, meaning that for every existing fully paid-up equity share of Rs 2/-each held in the company, shareholders will get one new fully paid-up equity share of Rs 2/-each.

"Pursuant to the provisions of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Company has fixed Wednesday, March 20, 2024 as 'Record Date' for the purpose of determining the eligibility of Shareholders for the entitlement of issue of Bonus Equity Shares in the ratio of 1:1 i.e. 1 (One) new fully paid-up Equity Shares of Rs 2/- (Rupees Two only) each for every 1 (One) existing fully paid-up Equity Share of Rs 2/- (Rupees Two only) each held by them on the Record Date. The Bonus Equity Shares shall be allotted to the Equity Shareholders whose names appear in the Register of Members / List of Beneficial Owners as on the said Record Date," said Advani Hotels and Resorts (India) in a regulatory filing on March 9, 2024.

Advani Hotels and Resorts (India) Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said ADVANIHOTR is currently trading at 162 levels, having rebounded from the support levels of 145, which also aligns with its 50-day Exponential Moving Average (EMA). Although the stock breached the 145 level, it managed to close above it, signalling underlying strength.

Presently, the stock trades above its short-term (20-day), medium-term (50-day), and long-term (200-day) EMA levels. For existing investors, maintaining a trailing stop loss at 144, just below the robust support levels, is a prudent strategy.

Prospective investors are advised to consider buying on dips, targeting levels around 150, with a strict stop loss set at 144. The target for the stock is projected to be 175 and higher.

This holistic approach integrates key support levels, moving averages, and strategic entry points, offering a comprehensive framework for informed decision-making in ADVANIHOTR.

Radhakishan Damani Stake In Advani Hotels and Resorts (India)

As per the shareholding pattern of Advani Hotels and Resorts (India) for the quarter ended December 2023, ace investor and Indian billionaire Radhakishan Damani held 19,30,009 equity shares of the company in his portfolio which is 4.18% of the total paid-up share capital of Advani Hotels and Resorts (India) in Q3FY24.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.