Shares of RITES Ltd. jumped to hit their one-month high on the record date of the company's bonus issue of 1:1 as well as final dividend of Rs 5 per share.
The company had fixed the record date of bonus issue of one equity share of Rs 10 each for every existing share held in the company on August 14.
On the same date, the company had announced that the final dividend.
On Friday, the scrip rose as much as 12.45% to Rs 384 apiece, the highest level since July 30. However, the stock later gave up gains to trade 6.8% higher at Rs 364.5 apiece, as of 10:58 a.m. This compares to a 1% rise in the NSE Nifty 50 index.
It has risen 44.94% year-to-date and 47.8% in the last 12 months. Total traded volume so far in the day stood at 4.54 times its 30-day average. The relative strength index was at 55.
Out of the seven analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 65.58%.
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