5:1 Stock Split For The First Time: October 11 Record Date; Buy/Sell The Stock For Rs 47?

Diamonds and diamond jewellery are manufactured and traded by Rajnish Retail Limited both domestically and abroad. The company was established as a public limited company on December 21, 1994, with the purpose of establishing a diamond processing plant. Mr. Vinod T. Shah, Mr. Hasmukh Gor, and Mr. Shailesh Patel, who have extensive expertise in the industry, are promoting the firm. The market capitalisation of Rajnish Retail jumped to Rs 192.85 Cr on Monday with the share price closing 7.10% higher at Rs 62.90 on the BSE. This was following the announcement by the company's board of directors of the first-ever 5:1 stock split.

Rajnish Retail Stock Split

"Pursuant to Regulation 42 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, we would like to inform you that the Board of Directors of the Company vide circular resolution passed today i.e., Saturday, September 14, 2024, fixed, Friday, October 11, 2024 as the record date for the purpose of sub-division/split of equity shares in a 5:1 i.e. 1 (One) Equity Share of face value of INR 5/- (Indian Rupees Five Only) each, into fully paid up 5 (Five) equity shares of face value of INR 1/- (Indian Rupee One Only) each," said Rajnish Retail in a stock exchange filing.

Rajnish Retail Financials

The financial results for the quarter ending June 30, 2024, have been released by Rajnish Retail Ltd. The revenue from operations for the first quarter of the 2024-25 fiscal year was reported at Rs 1333.67 lakh, indicating a QoQ rise of 231% from the March 2024 quarter. From Rs 45.97 lakhs (Q4FY24) to Rs 68.69 lakhs (Q1FY25), EBITDA increased by 49% QoQ. PAT was recorded at Rs. 51.52 lakhs (Q1FY25), up 61% QoQ.

Rajnish Retail Share Price Target

"Rajnish Retail stock price is sideways to bearish on the Daily charts with strong resistance at 61. A Daily close below support of 54 could lead to a target of 47 in the near term," said A R Ramachandran, Independent Research Analyst.

Disclaimer

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