Bharat Dynamics stock price up by more than 10% today

24 May 2024 , 02:24 PM

Bharat Dynamics, a Miniratna defence PSU, experienced a remarkable surge of 18%, reaching an adjusted 52-week high of ₹1,658.95. This surge is part of a nine-day run-up where the company’s shares witnessed a significant gain of 70%. At the time of writing, the shares were trading at ₹1543.90 which is a 9.86% gain than the previous close. The stock has gained 44.54% in the last one year, and saw a 10.88% dip since the beginning of the year.

The surge comes as the company traded ex-split on May 24. The split is of one equity share with a face value of ₹10 into two shares of face value ₹5 each. This marks the first stock split ever by Bharat Dynamics.

The rationale behind the share split, as stated by Bharat Dynamics (BDL), is to comply with the Department of Investment and Public Asset Management’s (DIPAM) guidelines on capital restructuring. Additionally, the split aims to encourage wider participation of small investors and enhance liquidity in the shares.

Bharat Dynamics has seen its year-to-date gains surpass 80%, leading to a market capitalization exceeding ₹58,000 crore. BDL shares made their debut in March 2018 at an IPO price of ₹428 per share and have since surged approximately 7x from that level in just over six years.

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