Bajaj Group-backed industrial products maker, Bajaj Steel Industries' share price will be in focus on Tuesday, November 12, 2024, as the stock price will turn ex-bonus on this day. The company is set to reward investors with a whopping 3:1 bonus. Ahead of the ex-date, Bajaj Steel's stock was corrected. Nonetheless, the stock is still a 2024 multi-bagger with gains of over 196% on BSE. The consensus recommendation on the stock is held.
Bajaj Steel Industries Share Price:
Ahead of ex-date, Bajaj Steel's stock price ended at Rs 3418.25 apiece, down by 0.80% on BSE with a market cap of Rs 1,777.49 crore.
YTD, the stock has zoomed by 196.21%.
BUY/SELL/HOLD Bajaj Steel Stock?
As per the MarketsMojo report, the score changed from Buy to Hold. The report stated that the stock is technically in a Bullish range.
Earlier, a Ventura Securities report stated that looking ahead, Bajaj Steel Industries is expected to continue benefiting from the strong demand for steel and heavy engineering products. The company's expansion into new business verticals, such as biomass and biofuels, is likely to open up additional revenue streams. At the same time, its ongoing export initiatives will further enhance its global presence.
Bajaj Steel Industries Bonus Issue:
The company has approved the allotment of 15600000 Bonus Equity Shares in the ratio 3:1 i.e. three (3) new equity shares for every one (1) share held by the shareholders having a face value of Rs.5/- each on the record date.
The record date for the 3:1 bonus issue is fixed on November 12. Meaning, only those investors will receive three free shares on existing 1 shares, who are holding Bajaj Steel stocks in their demat account by the end of the record date.
After the allotment of Bonus Equity Shares, the paid-up share capital of the Company stands increased to Rs.10,40,00,000/- divided into 20800000 equity shares of Rs.5/- each.
The Bonus Equity Shares shall rank pari-passu in all respect and carry the same rights as the existing equity shares of the Company including dividends and other corporate benefits, if any, declared by the Company after the said allotment.
Bajaj Steel Industries Q2 Results:
The board of directors of the company are scheduled to be held on Wednesday, November 13, 2024, to inter-alia consider and approve the Unaudited Standalone & Consolidated Financial Results along with the Limited Review Report thereon for the quarter and half year ended September 30, 2024.
About Bajaj Steel Industries:
Bajaj Steel Industries Limited (Bajaj), Nagpur, India, established in 1961, is a public limited company, listed on the Bombay Stock Exchange. The company is having world-class engineering setup in its various plants situated in and around Nagpur.
Bajaj is the only company in the world producing machineries for all cotton ginning technologies i.e Double Roller, Saw Gin & Rotobar, all Pressing technologies i.e. Down Packing, Up Packing & Horizontal Packing, as well as Seed Cleaning, Delinting & Decorticating, apart from general engineering fabrication, machining, intelligent electrical panel manufacturing and various other engineering activities. The company is on high growth path and adding various items to its fold consistently yoy.
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