Shares of Bharat Petroleum Corp. gained nearly 2% on Friday after turning ex-date for the bonus issue.
The company’s board has fixed June 22 as the record date for the issue of bonus shares in the 1:1 ratio to eligible shareholders, according to an exchange filing on May 9.
Shares of BPCL rose as much as 1.88% to Rs 319 apiece, the highest level since May 29. It erased gains to trade 1.32% lower at Rs 309.00 apiece as of 12:34 p.m. This compares to a 0.20% decline in the NSE Nifty 50 Index.
The stock has risen by 65.77% in the last 12 months. The total traded volume so far today was 3.0 times its 30-day average. The relative strength index was 49.91.
Out of 33 analysts tracking the company, 18 maintain a ‘buy’ rating, five recommend a ‘hold,’ and 10 suggest a ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies an upside of 75.5%.
Shares of Hindustan Petroleum Corp., or HPCL, fell on Friday on its record date for bonus issues. On May 9, the company announced a bonus issue of one share for every two shares held with the record date fixed at June 21.
Shares of the company fell as much as 2.92% to Rs 339 apiece, the lowest level since June 7. It pared gains to trade 2.8% higher at Rs 339.20 apiece as of 12: 45 p.m. This compares to a 0.4% decline in the NSE Nifty 50 Index.
The stock has risen 27.46% on a year-to-date basis and 85.58% in the last 12 months. Total traded volume so far in the day stood at 1.02 times its 30-day average. The relative strength index was at 45.5.
Out of 33 analysts tracking the company, 15 maintain a ‘buy’ rating, six recommend a ‘hold,’ and 12 suggest a ‘sell,’ according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.2%.
