3:5 Bonus Shares Announced: Record Date In Due Course; Buy The IT Stock?

At Thursday, March 28, BSE closing session, Titan Intech Ltd.'s market cap was Rs 111.59 Cr, making it a small-cap IT company. Following the Board of Directors' declaration of 3:5 bonus shares, the stock closed at a 2% upper circuit limit at Rs 101.50 per share during its most recent closing session. The Priyadarshini group founded the company in 1984 in association with Technocrats and the Andhra Pradesh Industrial Development Corporation (APIDC) with the goal of revolutionizing the data center sector. The stock reached a 52-week-high of Rs 110.05 on (18/03/2024) and a 52-week-low of Rs 38.60 on (26/07/2023).

Titan Intech Bonus Shares

The Board of Directors of the Company at their meeting held on Wednesday, March 27, 2024 considered and approved the issuance of "3 (Three) Bonus Shares for every 5 (Five) Equity Shares held by the Equity Shareholders of the Company as on 'Record Date'. The Bonus Issue of Equity Shares is subject to the approval of the shareholders and other applicable statutory and regulatory approvals, as may be required. The Company will intimate the 'Record Date' for determining eligible Shareholders entitled to receive bonus shares, in due course of time. Further it is to be stated that the Company has 89,01,000 (Eighty Nine Lacs one thousand) outstanding convertible warrants. The said warrant holders shall also be eligible for the bonus issue of equity shares post conversion of such warrants into Equity Shares. The Bonus Shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and either corporate action(s), recommended and declared after the issue and allotment of such Bonus Shares," said Titan Intech in a regulatory filing.

Titan Intech News

"Subject to approval of Members of the Company, the Board has proposed to increase the authorised share capital of the Company from existing Rs. 23,00,00,000/- (Rupees Twenty three Crore only), comprising of 2,30,00,000 (Two Crore thirty lakhs) equity shares of Rs. 10/- (Rupee Ten only) each to Rs. 35,00,00,000/-(Rupees Thirty Five Crores only) comprising of 3,50,00,000 (Three Crore fifty lakhs) equity shares of Rs. 10/-(Rupee Ten only). In order to reflect the proposed change in Authorised Share Capital, the Board proposed consequential alteration in Clause V i.e. Capital Clause of Memorandum of Association," the company also said in the stock exchange filing dated 27th March, 2024.

Titan Intech Share Price Target

TITANIN Looking bullish.

Return in 1 Year = 118.82% with 52-week low at 38.60 and High at 110.65, currently trading at 101 and still has possibilities for upside movement.

One can consider buying in the 95 to 102 range for the target ranging from 110 to 170 within 6 months. Do follow stop loss at 85, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"Titan Intech is bearish on the Daily charts with strong resistance at 110. A Daily close below support of 94 could lead to a target of 84 in the near term," said AR Ramachandran from Tips2trades.

Disclaimer

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