1st Ever 1:2 Stock Split: April 1 Fixed As Record Date; But The Large Cap IT Stock?

Large-cap IT firm Persistent Systems is listed on the BSE and NSE. As of Friday's BSE closing session, its market capitalization was Rs 61,363.12 Cr. Global market leaders in a variety of industries rely on Persistent Systems as a reliable partner for digital engineering and enterprise modernization. Founded on May 16, 1990, Persistent Systems is a multinational technology services firm based in India. The large-cap IT company's shares are in focus since it announced a 1:2 stock split and set April 1st as the record date. The share price of the scrip reached a 52-week-high on February 19, 2024, at Rs 8,979.85, and fell to Rs 3,959.25 on April 17, 2023, marking a 52-week low.

Persistent Systems Stock Split Record Date

"We wish to inform that the Company has fixed Monday, April 1, 2024 as the 'Record Date' for determining the entitlement of Equity Shareholders for the purpose of Sub-Division/Split of existing Equity Shares of the Company, such that existing 1 (One) Equity Share having a face value of INR 10 (Ten) each into 2 (Two) Equity Shares of INR 5 (Five) each, fully paid up, ranking pari passu in all respects," said the IT major in a regulatory filing.

Persistent Systems Dividend Update

"We wish to inform you that the meeting of the Board of Directors of Persistent Systems Limited ('the Company') is scheduled to be held on Saturday, April 20, 2024, and will continue on Sunday, April 21, 2024, at New Jersey Office, USA (EDT) to consider inter alia, the following businesses:

1. The Audited Financial Results of the Company for the quarter and year ended March 31, 2024.

2. The Audited Financial Results of the Company and its subsidiaries for the quarter and year ended March 31, 2024.

3. The recommendation of the Final Dividend, if any, for the Financial Year 2023-24. If the Final Dividend is recommended by the Board of Directors, the Book Closure for the purpose of payment of the same will be determined later and will be communicated to the stock exchanges separately," said Persistent Systems in a stock exchange filing on 20th March.

The Board of Directors will consider the aforesaid business items on Sunday, April 21, 2024 (EDT) / at equivalent Indian Standard Time (IST) on Monday, April 22, 2024 (IST), according to the company.

Persistent Systems Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said Persistent Ltd is currently trading at Rs 8000 and has shown a strong rally from lower levels, forming lower highs and lower lows.

The immediate support for Persistent Ltd is at Rs 7600. closely aligned with the 100-day Exponential Moving Average (EMA), signifies historical buying interest and provides a foundation for the stock's price stability. This level serves as a potential stop for downward movements.

There is a good buying opportunity near the Rs 7860 level for those looking to go long on the stock. If the price breaks the Rs 8140 mark, stock can move towards 8480 levels and higher.

For a cautious approach, buying on dips is suggested at Rs 7860 with a stop-loss (SL) at Rs 7600. The targets for this trade are Rs 8480.

In summary, Persistent Ltd presents potential buying opportunities, but investors should closely monitor the stock's price movement and implement appropriate risk management strategies to protect their investments.

"Persistent Systems is slightly bearish on the daily charts with strong resistance at 8423. A daily close below support of 7920 could lead to a target of 7480 in the near term," said AR Ramachandran from Tips2trades.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.