5% Upper Circuit Stock: Consumer Discretionary Stock Okays 2:1 Bonus Shares; Buy?

With a market valuation of Rs 638 Cr, Intellivate Capital Ventures Ltd is a small-cap financial company. On Tuesday, the stock began trading on the BSE at a 5% upper circuit limit, or Rs 148.20 a share, which coincided with a new 52-week high. The spike in the value of the stock occurred after the company announced an extension of the record date for 2:1 bonus shares.

Intellivate Capital Ventures Bonus Shares

"In Continuation to our earlier communication dated 27th January, 2024, informing the fixation of Record date of Wednesday, 07th February, 2024 for the purpose of ascertaining the eligibility of the shareholders entitled for Bonus Shares, we would like to inform you that the record date has been revised to Monday, 12th February, 2024.

Therefore, Monday, 12th February 2024, is hereby declared as the revised record date pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the issuance of Bonus Equity Shares of the Company in the ratio of 2 (Two) new fully paid-up equity shares of Re. 1/- (Rupee One Only) each for every 1 (One) fully paid-up Equity Share of Re. 1/- (Rupee One Only)," said Intellivate Capital Ventures in a stock exchange filing.

Intellivate Capital Ventures Share Price Target

Intellivate Capital Ventures is bullish but very overbought on the Daily charts with next resistance at 156. Investors should book profits at current levels as a Daily close below support of 131 could lead to a target of 115 in the near term, said AR Ramachandran from Tips2trades.

About Intellivate Capital Ventures

In addition, Intellivate Capital Ventures offers services such as pubs, beer gardens, snack bars, vacation resorts, and so on. The corporation not only owns hotels and restaurants, but it also collaborates and franchises other companies through joint venture agreements. Founded in 1982, Intellivate Capital Ventures is currently one of India's fastest-growing publicly traded companies, operating in the restaurant and food industry.

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.