Cupid share price jumps 18% in two days post bonus issue. What's behind the rally?

Cupid share price surged another 4% on Tuesday, March 10, bringing the total increase to 18% for the week, following the stock's ex-record date for its 4:1 bonus issue yesterday. Today, the eligible shareholders are expected to receive the bonus shares.

Cupid share price today opened at ₹94.40 apiece on the BSE, the stock touched an intraday low of ₹92.05 per share, and an intraday high of ₹95.90 per share.

Cupid share price jumped 15% on Monday, March 9 as small-cap stock traded ex-bonus amidst stock market crash. The firm revealed a bonus issue at a ratio of 4:1, indicating that shareholders will obtain four bonus shares for every one share they held as of the record date on March 9.

“….we wish to inform you that the deemed date of allotment would be next working day i.e. Tuesday, March 10, 2026, for allotment of 1 07,57,28,560 fully paid-up Bonus Equity Shares of Re 1/- each in the proportion of 4:1 i.e. 4 (four) new fully paid-up equity shares of Re 1/- (Rupee One only) for every 1 (One) existing fully paid-up equity share of Re 1/- (Rupee One only) to the eligible shareholders as on the record date,” said the company in an exchange filing.

For instance, if an investor holds 1,000 shares of Cupid, they will be granted 4,000 additional bonus shares, resulting in a total of 5,000 shares after the 4:1 bonus distribution.

A bonus share is an additional share that a company provides to its current shareholders at no cost, typically drawn from its retained earnings, as a way to reward investors.

The key domestic stock indices, Nifty 50 and Sensex, plummeted on Monday as rising crude oil prices were perceived to add strain to the economy of the South Asian nation, raising concerns about growth and inflation while increasing import expenses for the world's third-largest oil importer.

Cupid share price - Technical View

Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, said that post the corporate action, the stock has witnessed strong traction today, gaining over 10%. The move has emerged from the strong support of the 89-EMA and has resulted in a range breakout. Considering the momentum, the upmove may extend towards 105 in the near term, while 80 is likely to act as immediate support.

According to Anshul Jain, Head of Research at Lakshmishree, Cupid has confirmed a breakout from a 50-day rectangle formation near 86.75, signaling a shift from consolidation to expansion. The breakout has been accompanied by rising volumes, indicating strengthening participation and improving conviction behind the move. Price acceptance above the range top suggests supply within the base has been absorbed, setting the stage for continuation. Short-term moving averages are turning supportive and now act as a launchpad beneath price.

“Momentum indicators are beginning to expand, reinforcing the breakout structure. As long as the stock sustains above the 86–87 breakout band, the setup projects a recovery toward the 104–106 zone in the near term. Any shallow pullback toward the pivot should attract buyers, while failure to hold above the breakout level would delay the momentum expansion,” said Jain.

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