NBCC share price soars 6% on 1:1 stock split; all details here
NBCC share price touched an intra-day high of Rs 109.25 crore in early opening on Wednesday following the development.
The NBCC share price of this state-owned company jumped by nearly 6% on exchanges, after the company adjusted it’s stock price for sub-division of face value. The company’s stock touched an intra-day high of Rs 109.25 crore in early opening on Wednesday following the development. At around 1241 hours, NBCC share price was trading at 106.80 per piece on BSE, higher by 3.49%.
NBCC on February 13, had recommended splitting of their equity shares of Rs 2 each into two having face value of Rs 1 each. The date for 1:1 stock split was held on April 26 which is today.
A stock split is an action in which a company divides it’s existing shares into multiple shares in order to boost the liquidity of the shares. However, the underlying value of the existing share price remains the same.
The stock split also helps investors to purchase a share in the company, as the price per share goes down with the increase in number of shares.
On BSE, investors in first half of Wednesday trading session have purchased about 3,60,355 equity shares in NBCC, whereas sold around 3,44,915 total quantity in the same time.
NBCC's market valuation stands at Rs 19,224 crore on BSE.