NBCC India Share Price Gains Over 6% As Stock Trades Ex-Bonus
NBCC India share price rose as much as 6.33% to Rs 119.80 apiece.
NBCC India Ltd. share price rose over 6% as the stock traded ex-bonus on Monday, which also serves as the record date for determining shareholder eligibility for bonus shares.
The board of the company had approved the issuance of bonus shares in a 1:2 ratio, meaning shareholders will receive one new fully paid-up equity share of Re 1 for every two existing fully paid-up shares held as of the record date.
A total of 90 crore bonus equity shares will be issued from free reserves generated from profits, as reported in the audited financial statements for the year ending March 31, 2024.
As of that date, NBCC India reported reserves and surplus of Rs 1,959 crore available for capitalisation. The bonus shares are expected to be credited within two months of the board's approval, with a target date of October 31, 2024, according to a filing with the BSE.
The scrip rose as much as 6.33% to Rs 119.80 apiece. It gave up gains to trade 3.80% higher at Rs 116.95 apiece, as of 09:37 a.m. This compares to a 0.32% advance in the NSE Nifty 50 Index.
It has risen 78.6% in the last 12 months. Total traded volume so far in the day stood at 0.53 times its 30-day average. The relative strength index was at 49.
Out of four analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.8%.
