10:1 Stock Split: 29th October Record Date For Sub-Division of Shares; Buy Penny Stock Under Rs 30?

Quasar India Ltd., which was founded in 1979, engages in the trading of products, commodities, and associated materials. As of 18-Oct-2024 IST, the share price of Quasar India Ltd was Rs 25.04 (BSE). As of October 18, 2024, Quasar India Ltd. has a market capitalisation of Rs. 13 Cr indicating a small cap status by Value Research. Following the company's announcement of the record date for a 10:1 stock split, Quasar India's shares closed on Friday at a 2% upper circuit limit of Rs 25.04 per share.

Quasar India Record Date For Stock Split

Pursuant to Regulation 42 of SEBI (LODR) Regulation, 2015 the Company has fixed Tuesday, 29th October, 2024, as the Record Date for the purpose of 10 to 1 i.e. sub-division of 1(One) equity share of the face value of Rs. 10/- each fully paid up into 10 (Ten) equity shares of the face value of Re. 1/- each fully paid up, said Quasar India in a stock exchange filing.

Quasar India Stock Split Proposal

"The Equity Shares of your Company were listed and traded on the Bombay Stock Exchange (BSE) w.e.f June 16, 2014. With a view to have more participation from the investors in the scrip and in order to increase the liquidity and make the equity shares of the Company more affordable to the small investors, the Board of Directors of the Company in its meeting held on September 23, 2024 has recommended Sub-Division of 1 (one) Equity Share of face value of Rs. 10/- (ten) each fully paid up into 1 (one) Equity Shares of Rs. 1/- (one) each fully paid up, resulting in issuance of 10 (ten) Equity Shares of Rs. 1/- (one) each fully paid up, thereby keeping the paid up capital intact," said Quasar India in a stock exchange filing.

Quasar India Financials

In the quarter that ended in June 2024, the firm recorded revenue from operations of Rs 11.24 crore, up 24.76% from Rs. 9.01 crore in the quarter that ended in June 2023. Its net profit increased to Rs. 0.77 crore from Rs. 0.75 crore, up 2.39%, and its EBITDA climbed to Rs. 1.09 crore in Q1FY25 from Rs. 1.01 crore in Q1FY24, up 7.92%. The financial figures for Q2FY25 have not yet been released by Quasar India.

Quasar India Share Price Target

"Quasar India stock price is overbought yet bullish on the Daily charts with next resistance at 26.5. Investors should be booking profits at current levels as a Daily close below support of 23.5 could lead to a target of 19.5 in the near term," said A R Ramachandran, Independent Research Analyst.

Disclaimer

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