Hindustan Aeronautics share price flat after stock split; here’s what analyst says
Hindustan Aeronautics share price flat after stock split, analysts anticipate support at ₹1,860 - 1,880.
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.
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.
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.
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