1:2 Stock Split: Record Date In 4 Days On 25th September; Time For Profit Booking?

Indian financial services provider Swastika Investmart provides a range of services, including mutual funds, insurance, loans, investment banking, and stock broking. As the record date for the 1:2 stock split draws closer, Swastika Investmart's shares closed the day 9.35% higher at Rs 1067.10 per share. The company's market capitalisation was Rs 315.83 Cr.

Swastika Investmart Stock Split

"We wish to inform you that SWASTIKA INVESTMART LIMITED has fixed "Wednesday 25th September, 2024" as the "record date" for the purpose of determining the entitlement of Equity Shareholders for Sub-division/split existing equity shares of the Company from 1 (one) equity share having face value of Rs.10/- (Rupees Ten only) each fully paid-up, into 5 (five) equity shares having face value of Rs. 2/- (Rupees Two only) each fully paid-up as approved by the Equity Shareholders by way of Postal Ballot mechanism through remote e-voting facility on 5th September, 2024," said the company in a stock exchange filing.

Swastika Investmart Stock Split Update

"In continuation to our intimation dated 09th September 2024 regarding Sub-division/ Split of Equity Shares having face value of Rs. 10/- each into Equity Shares of the face value of Rs. 2/- each with effect from Wednesday, 25th September, 2024 (Record Date). We hereby inform you that the Sub-division of Equity Shares will take effect under the new ISIN i.e., INE691C01022. Further please find enclosed herewith ISIN activation letter received from Central Depository Services Limited (CDSL) and National Securities Depository Limited (NSDL)," said Swastika Investmart in a regulatory filing.

Swastika Investmart Financials

Net profit at Swastika Investmart increased 264.53% to Rs 6.27 crore in the June 2024 quarter from Rs 1.72 crore in the June 2023 quarter. Sales for the quarter ending in June 2024 climbed from Rs 22.08 crore to Rs 38.52 crore, a 74.46% rise from the quarter ending in June 2023. From Rs 3.63 crore in Q1FY24 to Rs 10.63 crore in Q1FY25, EBITA increased dramatically.

Swastika Investmart Share Price Target

"Swastika Investmart stock price is overbought yet bullish on the Daily charts with next resistance at 1183. Investors should be booking profits at current levels as a Daily close below support of 1024 could lead to a target of 866 in the near term," said A R Ramachandran, Independent Research Analyst.