Allcargo Logistics shares jump 13% on record date for 3:1 bonus issue
Allcargo Logistics jumped over 13% to the day's high of Rs 98 on the NSE on Tuesday. Today is the record date for its 3:1 bonus share issue.
In its December Board meeting, the company had set January 2 as the record date to determine the shareholders’ eligibility for allotment of bonus shares in the proportion of 3:1 i.e.
3 new equity shares of face value of Rs 2 per share for every one existing equity share.
Only those investors will be eligible for bonus shares who have bought the stock before the ex-date. If an investor purchases the shares on the ex-date or after that, they will not be eligible to get bonus shares.
Today's price action was supported by strong volumes as over 1.50 crore shares were trading on the NSE around 10:30 am. On the BSE, the spurt in volume was 9.17 times.
The stock has been a market laggard, delivering negative returns of over 70% in the past 12 months.
In contrast, the benchmark Nifty50 has given returns of 19% during this period.
The stock is trading below its 50-day and 200-day simple moving averages (SMAs). With today's movement, the stock has landed in a strongly overbought zone, according to the data from Trendlyne.
Momentum Indicators RSI and MFI stand at 72 and 88. A number above 70 is considered overbought while below 30 is considered oversold.
Allcargo Logistics shares have also traded with low volatility.
Its one-year beta stands at 0.5, according to Trendlyne.
The counter hit its 52-week high of Rs 110.30 on January 20, 2023, and its 52-week low of Rs 61.41 on October 26, 2023.
The company reported a revenue of Rs 3,336.3 crore in the September quarter which was down from Rs 5,320.9 crore in the year-ago period. The net profit for the reporting quarter was also down to Rs
