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Multibagger stock: Persistent Systems shares ended 3.05% percent higher at Rs 8639.30 on Monday against the previous close of Rs 8,383.55 on BSE. Market cap of the firm rose to Rs 66,457 crore on BSE.
Persistent Systems Q3 earnings: Brokerage Dolat Capital said the IT major is likely to report a 17% rise in Q3 profit at Rs 278.2 crore on a 14.8 increase in revenue to Rs 2490.7 crore.
The existing one equity share having a face value of Rs 10 each, will be split into two equity shares having a face value of Rs 5 each, the company said in an exchange filing. This is the first time the company will be splitting the shares since it got listed. Further, the board has also recommended an interim dividend payout of Rs 32 a share for the current financial year.
Persistent Systems stock ended 1.13% percent higher at Rs 7702.45 on Wednesday against the previous close of Rs 7616.35 on BSE.
Stock splits enhance the liquidity of the company's equity shares and encourage the participation of retail investors by making equity shares of the company more affordable. The valuation of the stock doesnt change and the balance sheet doesn't get affected in this process.