Debt-free IT stocks rise 9.4%, defying market mood as board sets record date

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By Malvika Gurung

Investing.com — Shares in IT services provider Saksoft (NS:) rose 9.4% to Rs 1,252.9 apiece as of 10:46 a.m. Thursday, significantly defying the overall market mood as stock indices benchmarks lost 0.5% each.

The small-cap digital transformation company has notified exchanges of its board of directors setting the record date for the stock split.

The Chennai-based company has set September 26, 2022 as the record date for completing a stock split at a ratio of 1:10, meaning its shares will trade ex-split on Friday, September 23, as the markets will remain closed over the weekend.

The debt-free company had already approved and declared the split of its shares in a ratio of 1:10.

Splitting a stock generally increases the liquidity of the stock in the capital market and makes it more affordable for small investors. This increases the number of shares in the market while keeping the market capitalization of the stock unchanged.

The Indian market opened lower on Thursday and is trading in the red, following global indices after the US Fed raised its benchmark interest rate by 75 basis points for the third consecutive time on September 21 and gave hawkish outlook for future monetary tightening to curb soaring inflation.

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