The board of directors of the company will meet on Tuesday, June 27, to discuss a proposal to divide its equity shares, according to a filing made on Thursday by the company.

The shares of Hindustan Aeronautics rose 3 percent to Rs 3,630 on Friday amid the excitement around the stock split before giving up its gains and trading unchanged. During the session, the company’s market capitalization reached a high of Rs. 1.2 lakh crore. On Thursday, the stock had a final price of Rs 3,527.70.

A stock split, also known as a sub-division of equity shares, occurs when a firm divides its shares in accordance with a predetermined ratio, splitting the face value and resulting in an increase in the number of shares. Usually, it’s done to make the stock more liquid on the market.

Investors who have stock in demat accounts on the record date are eligible to receive the new shares, and the stock price will be modified in accordance with the split ratio.

In the last three years, shares of Hindustan Aeronautics have returned 600 percent, and in the most recent year, the stock has increased by more than 200 percent. The multi-bagger PSU stock has increased 40 percent so far in 2023.

Bangalore-headquartered Established in December 1940, Hindustan Aeronautics is a government-owned aerospace and defence business in India. One of the oldest and biggest aerospace and defence producers worldwide.

Source: Bureau

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Fresh foreign fund inflows in the domestic equity market also added to the optimism.

The 30-share BSE Sensex climbed 174.2 points to 63,317.16 in morning trade after the monetary policy announcement. The NSE Nifty advanced 49.2 points to 18,775.60.

From the Sensex pack, NTPC, Power Grid, Larsen & Toubro, HDFC Bank, IndusInd Bank, HDFC, State Bank of India, ICICI Bank, UltraTech Cement, Tata Steel and Reliance Industries were the major gainers.

Kotak Mahindra Bank, Mahindra & Mahindra, Tata Consultancy Services, Nestle, Axis Bank, HCL Technologies, Wipro, Tech Mahindra and Hindustan Unilever were among the laggards.

The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates.

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.

“RBI staying on a pause and maintaining its stance was in line with expectations,” said Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The US markets ended mostly lower on Wednesday.

“The MPC maintained unchanged interest rates, as expected. The market had already factored in this policy, maintaining its bullish momentum,” Santosh Meena, Head of Research, Swastika Investmart Ltd said.

Global oil benchmark Brent crude dipped 0.27 per cent to USD 76.74 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,382.57 crore on Wednesday, according to exchange data.

The Sensex had climbed 350.08 points or 0.56 per cent to settle at 63,142.96 on Wednesday. The NSE Nifty advanced 127.40 points or 0.68 per cent to end at 18,726.40.

Source: PTI

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The names added on Wednesday are QFX Markets, WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade, and Trust Trade.

The authorisation status of any person/Electronic Trading Platform (ETP) can be ascertained from the list of authorised persons and authorised ETPs available on the RBI’s website.

The RBI had cautioned residents against entities/platforms/websites promoting unauthorised forex trade.

It had also reiterated that residents using any means to remit/deposit funds, directly or indirectly, in INR or in any other currency, for undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for penal action under the provisions of FEMA.

Source: PTI

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