NSE Board To Consider And Approve Bonus Shares This Week

According to a press release, the National Stock Exchange (NSE) will take into consideration a proposal on Friday, May 3, to hand out bonus shares to eligible shareholders. In order to give free non-cash rewards to the existing shareholders depending on the number of shares they already hold, companies issue bonus shares without depleting the company's cash reserves.

"It is hereby informed that pursuant to the terms of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors at its above referred meeting (i.e. meeting scheduled on Friday, May 03, 2024) would also consider a proposal for issue of Bonus Shares by way of capitalization of reserves including increase in the Authorized Share Capital of the Company, subject to necessary approvals, as required," NSE filing said.

NSE also said in filing that "A meeting of the Board of Directors of the Company is scheduled to be held on Friday, May 03, 2024, inter-alia, to consider and approve the annual audited financial results of the Company (both stand-alone and consolidated) for the year ended as on March 31, 2024 along with the Statutory Auditors' Report, and to recommend the final dividend, if any, for the financial year 2023-24."

The Nifty reached a new record high yesterday after crossing the 22,700 level. On Tuesday, the last trading day of April, the Nifty 50, which is an index of the top 50 blue-chip corporations in the nation across all sectors, wrapped up at 22,783 points, a historic high and a 0.61% rise.

"Nifty50 has crossed the 22700 mark on the back of strong results from the Auto and BFSI sectors, along with positive reports from the ground, indicating a high probability of policy continuity post-elections. Although we expect earnings growth momentum to continue, except for the IT and Chemicals sectors, we do not anticipate significant upward movement in the index, as current high valuations could limit further gains.

Additionally, the potential for no or minimal rate cuts by the US Fed this year could lead to market volatility and a range-bound scenario, a factor that investors should be mindful of. Therefore, our year-end target for Nifty50 remains at 24000, implying a mid-single-digit return from current levels," said Nishit Master, Portfolio Manager, Axis Securities PMS.