1st Ever 1:5 Stock Split Declared: Record Date To Be Fixed, Is It Best Interest of The Investors?

On February 2nd, 1985, Abans Enterprises Limited, or "AEL," was incorporated. AEL is currently listed on the Metropolitan Stock Exchange of India Limited (MSEI) and BSE Limited. AEL trades a wide range of derivatives as well as commodities, agri-commodities, precious metals, shares, and currencies on all major exchanges. Abans Enterprises' stock saw a 2.66% increase on Friday, closing at Rs 137.10 a share, following the announcement of the company's first-ever 1:5 stock split.

Abans Enterprises Stock Split

The Board of Directors considered and approved Alteration in the share capital of the Company by sub-division/ spilt of existing Equity Shares of the Company from 1 (One) equity share having face value of Rs. 10/- each (Rupees Ten Only), fully paid-up into 5 (Five) equity shares having face value of Rs. 2/- each (Rupees Two Only) fully paid-up, subject to approval of shareholders of the Company. The Record Date for sub-division/ split of existing equity shares will be intimated in due course," said the company in a stock exchange filing.

With a view to making shares of the company more affordable and expected to encourage the participation of investors at large and therefore it is in the best interest of the Investors and the company, informed Abans Enterprises to stock exchanges.

Abans Enterprises Q1 Results

ABans Enterprises' net profit increased 33.73% to Rs 4.44 crore in the quarter that ended in June 2024 compared to Rs 3.32 crore in the quarter that ended in June 2023. In the quarter that ended in June 2024, sales fell by 8.10% to Rs 257.22 crore from Rs 279.88 crore in the quarter that ended in June 2023.

Abans Enterprises Share Price Target

"Jewelry and precious metal company Abans Enterprises's quarterly results have garnered the attention of market participants, and its current price movement looks suitable for swing trading. Additionally, the company's current market valuation suggests it is not overbought, and its price is consolidating between the 50- and 200-day EMA. Those interested can consider the buying range of Rs. 130-137 for a target price of Rs. 150-215. For this particular stock, they may consider a holding period of 2-6 months but must adhere to a strict stop loss of Rs. 120 to limit exposure," recommended V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

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