Hindustan Aeronautics share price flat after stock split; here’s what analyst says
Hindustan Aeronautics share price was trading flat on Thursday’s session following a corporate action that resulted in the stock split at a 10:5 ratio. Despite the price adjustment, analysts have not observed any significant fluctuations. HAL share price opened at intraday high of ₹1,949 apiece on BSE.
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According to technical analysts, presently, the HAL stock price is experiencing a period of consolidation in terms of time, but the overall sentiment remains optimistic. Traders may consider acquiring this stock during a dip, with the next support level expected to fall within the range of ₹1,860 – 1,880, while resistance is anticipated between ₹2,050 – 2,100.
Also Read: Hindustan Aeronautics share price Today Live Updates : Hindustan Aeronautics Faces Downturn in Trading
The company in an exchange filing today said that the face value and paid up value of the equity shares of the company has been changed from ₹10 each to ₹5 each, effective today instead of Friday, September 29 due to change in settlement holiday.
According to the company’s September 1 filing, it fixed Friday, September 29 as the record date to determine the names of shareholders eligible for the division or split of existing 1 (one) equity share with a face value of ₹10 each fully paid up into 2 (two) equity shares with a face value of ₹5 each fully paid up.
As per trendlyne data, HAL stock price rose 68.1% and outperformed its sector by 0.9% in the past year.
Hindustan Aeronautics for the quarter ended June 30, posted a rise of 30 per cent in consolidated net profit at ₹814 crore, compared to ₹620 crore in the corresponding period last year.
Also Read: HAL, L&T to potentially bid for ISRO’s small satellite launch rocket: Report
The state-run aerospace and defence company’s revenue from operations rose 8 per cent to ₹3,915.35 crore, compared to ₹3,622 crore in the year-ago period. On the operating front, the company’s earnings before interest, tax, depreciation and amortisation (EBITDA) came in at ₹880 crore during the June quarter, registering a growth of 6 per cent, compared with ₹830 crore in the year-ago period.
Also Read: HAL Q1 Results: Net profit rises 30% to ₹814 crore, revenue up 8% YoY
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Updated: 28 Sep 2023, 11:04 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.