Nelco share price jumps 16% as stock trades ex-dividend today; check details
Nelco shares: The stock is in focus today as the its trading ex-dividend for payment of ₹2 per share final dividend to its eligible shareholders.
PremiumNelco shares gained 16% on Tuesday's trade. The stock is in focus today as the its trading ex-dividend for payment of ₹2 per share final dividend to its eligible shareholders. Nelco share price opened at ₹646.10 apiece on BSE.
Additionally, the Tata Group Company signed an agreement to invest an initial sum of ₹99.99 lakhs in order to purchase a 9.09% share in Piscis Networks. It intends to raise its ownership stake in the business to at least 30%.
According to information provided by the company in an exchange filing, the Tata Group company has entered into the agreement(s) with the promoters and other shareholders of Piscis Networks Private Ltd on June 5, 2023, in accordance with the board of directors' approval, for an initial investment of Rs. 99,99,100 (Rupees ninety-nine lacs, ninety-nine thousand, and one hundred only) to subscribe 1,111 equity shares of ₹10 each, representing 9.09% This will depend on any consents and approvals needed to comply with applicable laws.
On the technical front, Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, said that the stock is up more than 4% (ex dividend adjusted) and has broken above its recent swing high of April Month, if prices continues to sustain the levels of 650 then it would confirm a breakout that can push prices towards 200sma at around 700 levels, bullish gap left today around 630 will now act as support.
At 9:46 IST, shares of the company touched an intraday high of ₹687.15 and intraday low of ₹640.05 on the BSE.
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