Iron and steel products maker, Pradhin Ltd, has announced a triple bonanza for its shareholders. From a 1:10 stock split, and 2:1 bonus issue to a 100% dividend payout, Pradhin Ltd is likely to trend ahead. Trading as a penny stock, Pradhin ended its weekly performance on a positive note.
Pradhin Ltd Share Price:
The steel stock ended at Rs 26.01 apiece on BSE, after market hours of January 3, higher by 4.33% with a market cap of Rs 59.79 crore. The stock recovered after hitting an intraday low of Rs 23.32 apiece earlier this week. The stock is almost half of its 52-week high of Rs 53.27 apiece and has underperformed benchmark Sensex.
From December 30th to January 3rd trading week, the stock's weekly performance is up by 4%. Year-to-date, the stock is up by 8.33%. In a year, however, the stock dipped by nearly 25%.
Pradhin shares will be in focus ahead due to its upcoming board meeting on Friday, January 17, where it will consider dividends, stock splits, and bonus rewards.
Pradhin Ltd Bonus Issue:
The company will consider the issuance of bonus shares up to the ratio of 2:1 (Two bonus equity shares for every one equity share) to the eligible equity shareholders of the Company as on the proposed record date by the capitalization of securities premium, subject to the approval of the shareholders of the Company.
This will be the first ever bonus issue.
Pradhin Ltd Stock Split:
Also, the company will consider the Sub-division/ split of the existing Equity Shares of the Company, such that each Equity Share having a face value of Rs. 10/- (Rupees Ten only) each fully paid-up, be sub-divided/split into such number of Equity Shares having face value of Rs. 1 each fully paid-up, subject to the approval of Equity Shareholders of the Company through Postal Ballot. The Record Date for sub-division/split of existing Equity Shares shall be decided after taking aforesaid approval of the Equity Shareholders of the Company.
The 1:10 stock split ratio is also for the first time by Pradhin.
Pradhin Ltd Dividend:
Apart from the stock split and bonus, Pradhin's board of directors may also consider/recommend an interim dividend of up to 100% dividend, if any, for the financial year 2024-25. If declared, the record date for the purpose will be decided in future as decided in due consultation with the Stock Exchanges.
So far, Pradhin has delivered about 6 dividends since September 2001, as per Trendlyne data. However, its upcoming dividend payout will be after 12-year gap. The last dividend payout was Rs 0.60 in September 2013.
Pradhin Share Recommendation:
As per MarketsMojo, in terms of moving averages, Pradhin is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The company's one-year performance reflects a decrease of 38.96%, contrasting sharply with the Sensex, which has shown an increase of 8.64% over the same timeframe. The stock has received a 'Strong Sell' rating from MarketsMOJO, further highlighting the challenges faced by Pradhin in the current market environment.
About Pradhin Ltd:
Pradhin Limited, incorporated on June 3, 1982, is a newly established public company dedicated to serving the steel raw material and agriculture sectors. With its registered office in Chennai and a corporate office in Ahmedabad, Pradhin Limited is strategically positioned to meet the diverse needs of clients across India.
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