Persistent Systems: Stock Split on the Table Amid Share Turbulence

18 Jan 2024 , 02:06 AM

Around midday on January 18, Persistent Systems was trading at a low after opening the day up 2.4%. The IT services company announced that its board of directors was going to meet the following day to discuss dividing the company’s equity.

With a 0.39% decrease from the previous session, the stock was trading at Rs 7,682 on the BSE at 2.00 pm. Higher trading volumes will be possible as a result of the stock split, which will lower the counter’s price while increasing the number of shares.

Persistent Systems stated in an exchange filing that ‘the board of directors may consider a proposal of alteration in the share capital of the company by sub-division/split of the existing equity shares having face value of Rs 10 each, fully paid up.’

On January 19 and the next day, the board of directors will convene. Aside from the stock split, the board will discuss the financial outcomes of the December quarter and the interim dividend distribution during the meeting.

Compared to the Nifty’s 0.3% increase during the past month, the IT services company has gained 7.62%.

Persistent Systems was in negotiations to purchase a majority share in NSEIT, the National Stock Exchange’s (NSE) fully owned IT services division.

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