In early morning trading on Thursday, January 9, shares of the financial services business Anand Rathi Wealth surged 7.5% after the company announced that its board would consider issuing bonus shares the following week. In a post-market statement on Wednesday, the business notified stock markets that its board will convene on Monday, January 13, to discuss the bonus share issue.
By our notification from January 1, 2025, about the proposed Board Meeting that is set for Monday, January 13, 2025, this is to let you know that, among other things, the Board of Directors will also consider a proposal to issue bonus shares to the company’s shareholders, the company stated in an exchange filing. However, Anand Rathi Wealth did not specify Anand Rathi Wealth did not specify the percentage of bonus shares in question.
Q3 Results Date:
The business previously notified the exchanges on January 1, 2025, that on Monday, January 13, its board will review the financial results for the quarter that ended in December 2024.
The company said in a filing that after the Board’s Audit Committee reviewed it, it would like to inform you that the Board of Directors will meet on Monday, January 2025, between other things, to review, approve, and record the company’s unaudited standalone and consolidated financial output for the third quarter and nine months ending December 31, 2024.
Therefore, the corporation may announce a bonus share issuance in addition to the quarterly results. This will be Anand Rathi Wealth’s first bonus share if the corporation board approves it.
Stock Reaction:
On the BSE, Anand Rathi Wealth shares jumped 7.5% to ₹4,133.35 each when the news broke that the company’s board might consider bonus shares.
The opening price of Anand Rathi Wealth’s shares was ₹3,980, somewhat higher than the closing price of ₹3,841.55.
Anand Rathi Wealth shares are up 61% from their 52-week low of ₹2,575 following today’s rise. However, The stock must increase by a further 12% to reach its 52-week high of ₹4,640.55.
Short-term performance has been lackluster, with the stock falling 9% in the previous month and 5% in the last six months. But in the last year, it has increased by 42%.
