CDSL Soars To All-Time High As Board To Consider Bonus Shares
The stock jumped as much as 16.41% during the day to Rs 2,335.50 apiece on the NSE.
Shares of Central Depository Services (India) Ltd. surged over 16% on Friday to an all-time high as the company is set to consider the issuance of bonus shares.
A meeting of the board of directors is scheduled to be held on July 2 to consider and approve the proposal for issuance of bonus shares, if any, subject to the approval of the shareholders, according to an exchange filing.
The trading window for all the "designated persons and their immediate relatives" for dealing in CDSL's securities will remain closed from Friday till 48 hours after the release of the financial results for the June quarter, it said.
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CDSL's stock jumped as much as 16.41% during the day to Rs 2,335.50 apiece on the NSE. It was trading 15.49% higher at Rs 2,317 per share, compared to a 0.07% advance in the benchmark Nifty at 1:37 p.m.
The share price has gained 106.93% in the last 12 months and 26.94% on a year-to-date basis. The total traded volume so far in the day stood at 26 times its 30-day average. The relative strength index was at 71.04, implying that the stock may be overbought.
Three out of the 10 analysts tracking the company have a 'buy' rating on the stock, five recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 8.1%.
