1:2 Stock Split: Ex-Date In 2 Days On 24, April; Buy Before The Record Date To Be Eligible?

Prominent electrical engineering company Bharat Bijlee Ltd. announced a split of its shares, with April 24, 2024, designated as the final record date. The stock is presently in the spotlight because it closed 0.76% higher on Monday at Rs 6807.65 apiece on the BSE. On April 24, the stock is scheduled to hit ex-date for the purpose of a 1:2 stock split in two days. In the industry currently, Bharat Bijlee (BSE: 503960, NSE: BBL) is a household name and a pioneer in electrical engineering in India.

Bharat Bijlee Stock Split

In order to determine the eligibility of the company's shareholders for the sub-division / split of the existing one equity share with a face value of Rs. 10/-each, fully paid up, into two equity shares with a face value of Rs. 5/-each, fully paid up, the Board of Directors of the company has approved and set Wednesday, April 24, 2024, as the record date, as per BSE filing.

Bharat Bijlee Financials

On a standalone basis, the company achieved a net income of Rs 433.33 Cr in the quarter ended December 2023 compared to Rs 395.12 Cr in the quarter ended December 2022. Its net expenses reached Rs 388.33 Cr in Q3FY24 which was Rs 358.71 Cr in Q3FY23. Bharat Bijlee said in a stock exchange filing that its EBIT stood at Rs 45 Cr in the reported quarter as against Rs 36.41 Cr in the same quarter of FY23. The company posted a net profit of Rs 29.69 Cr in Q3FY24 which was Rs 23.09 Cr in Q3FY23.

The company's board of directors is scheduled to meet on Friday, May 17, 2024 to discuss and approve its financial results for the quarter and year that ended on March 31, 2024.

Bharat Bijlee Share Price Target

"Presently, the company's stock is trading at Rs.6686, showing a bullish trajectory. To capitalize on its upward momentum, investors might contemplate entering the stock within the Rs.6500 to 6700 bracket. A target price ranging from Rs.7100 to 8300 could be aimed for, with a 4-month holding period in view. It's advisable to implement a stop loss at Rs.6100 to mitigate potential losses," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

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