CDSL Shares Hit Life High Day Before Bonus Issue Record Date
The company set Aug. 24 as the record date to determine investors eligible for the issue.
Shares of Central Depository Services Ltd. rose over 7% on Friday to hit a life high on Thursday as the stock traded ex-date for its bonus issue. The stock had also seen gains in the previous session, buoyed by anticipation surrounding the bonus issue, rising in 10 of the last 12 trading sessions.
On July 2, CDSL announced a 1:1 bonus issue. Shareholders will be given one new fully paid-up equity share, with a face value of Rs 10 each, for every equity share with the same face value. It set Aug. 24 as the record date, to determine investors eligible for the issue.
Shares of the company rose as much as 7.58% during the day. They pared gains to trade 4.45% higher at Rs 1,513.60 apiece, as of 09:45 a.m., compared to a 0.19% advance in the NSE Nifty 50.
The stock has risen 159.11% year-to-date. Total traded volume so far in the day stood at 7.6 times its 30-day average. The relative strength index was at 78.84.
Out of nine analysts tracking the company, three maintain a 'buy' rating, five recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 25.1%.
