First Time 5:1 Sub-Division: 25th September Record Date For Stock Split; What’s The Target Potential?

A stock broking company named Swastika Investmart is listed on the BSE. Tuesday saw the shares of Swastika Investmart close 2.46% higher at Rs 869.40 following the announcement by the company of the record date for its first-ever 5:1 stock split declaration. The market value of the firm increased to Rs 257.32 Cr. In comparison to the same time last year, Swastika has recorded exceptional performance in Q1FY25, with notable gains in all major financial measures.

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," the company said in a stock exchange filing.
The rationale behind the stock split is to enhance the liquidity of equity shares of the company in the stock market and to encourage the participation of retail investors by making it more affordable, according to Swastika Investmart.

Swastika Investmart Financials

In the quarter that ended in June 2024, Swastika Investmart's net profit climbed 264.53% to Rs 6.27 crore from Rs 1.72 crore in the quarter that ended in June 2023. Sales for the quarter ended June 2024 increased 74.46% to Rs 38.52 crore from Rs 22.08 crore in the corresponding quarter ended June 2023. EBITA jumped significantly from Rs 3.63 crore in Q1FY24 to Rs 10.63 crore.

Swastika Investmart Share Price Target

"Swastika Investmart stock price is bearish on the Daily charts with strong resistance at 899. A Daily close below support of 850 could lead to a target of 791 in the near term," predicted A R Ramachandran, Independent Research Analyst.

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