Small Cap IT Co Set To Offer 2 Bonus Shares On Feb 27, Shares Rally 16% In 2-Weeks

Small cap company from the Computers - Software & Consulting, DRC Systems India today recommended bonus share in the proportion of 2:1 implying shareholders will be eligible to receive 2 bonus shares for every 1 share held as on the record date. The company fixed February 27, 2024 as the record date for 2:1 bonus shares.

Last trading price of DRC Systems India share on BSE is Rs 51.52 apiece with intraday gain of 2.00%. DRC Systems shares also hit upper circuit in trade today on BSE. DRC Systems shares soared 25% in last 3-months. Check details below:

DRC Systems Recommends Bonus Share: As per the BSE filing of the company dated January 18, 2024, "Issue of Bonus Shares in the ratio of 2:1 i.e. 2 (Two) new Bonus Equity Shares of Re. 1/- each for every 1 (One) existing Equity Share of Re. 1/- each fully paid up held as on the "Record Date". The Bonus Issue of Equity Shares is subject to approval of the shareholders and other applicable statutory and regulatory approvals, as may be required."

DRC Systems Sets Record Date For Bonus Share: The BSE filing further stated, "Pursuant to Regulation 42 of the Listing Regulations, we wish to inform that Tuesday, February 27, 2024 has been fixed as the Record Date for the purpose of determining the list of shareholders eligible for allotment of Bonus Equity Shares, subject to approval of Members, which is being obtained through Extra Ordinary General Meeting."

Approves Increase in Authorized Share Capital: DRC also approved increase in Authorized Share Capital of the Company from Rs. 6,00,00,000/- (Rupees Six Crores Only) to Rs. 15,00,00,000/- (Rupees Fifteen Crores Only) by creation of additional 9,00,00,000 (Nine Crores) Equity Shares of Re 1/- (Rupee One each) and consequent amendment to clause V of the Memorandum of Association of the Company, subject to approval of the shareholders and such other applicable statutory and regulatory approvals.

DRC Systems Stock Outlook & Return: The stock's 52-week high price is Rs 69.50 per share and 52-week low price is Rs 27.66 per share. The company has a market capitalisation of Rs 227.49 crore. DRC Systems shares soared 16% in last 2-weeks, gained 19% year-to-date, and rallied 37% in last 6-months. In last 1-year, DRC Systems stock offered shareholders return of 35% and rose 26% in last 2-years.

DRC Systems About: DRC Systems India Limited is a leading name in the field of software development. Its journey began in 2012. In a decade, it has grown into a team of over 300 people and offices located at three locations. The head office is located in GIFT City, Gandhinagar. It offers a complete range of IT solutions which includes mobile app development, website development, AI and automation, enterprise solutions, cloud-based services, digital marketing services, and various others. Its clientele includes institutions, enterprises, government agencies, international brands, industry leaders, and start-ups, according to its official website.

DRC Systems Share Price Target: DRC Systems is bullish on the Daily charts with strong support at 49. A Daily close above resistance of 56.5 could lead to a target of 68 in the near term, said AR Ramachandran from Tips2trades.

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