In this way, the company’s Board of Directors meeting held on Saturday and announced the dividend and stock split for the investors are given below. Leading IT company Persistent Systems (BSE : 533179, NSE : PERSISTENT) has now announced that it will carry out a share split and also pay an interim dividend.
Persistent Systems has informed that the share split will be done in the ratio of 2:1. This means that one Persistent share with a face value of Rs 10 at present will be converted into two shares with a face value of Rs 5. Other procedures for this will be informed by the company management soon. This is the first stock split in the history of Persistent Systems stock.
A stock split is an act of reducing the face value of a stock by a fixed ratio. Through this the market price will fall and the number of shares held by the investors will increase proportionately. The liquidity of the stock will increase in the stock exchange. Also there is an improvement in the fact that the market price is lower and can attract more retail investors.
Dividend : 32 Rs
Persistent Systems has announced that it will pay an interim dividend of Rs 32 per share to investors for the current financial year (2023-24). January 30, 2024 has been fixed as the record date for determining the eligible shareholders. The interim dividend was announced along with the publication of the company’s third quarter results.
Third quarter result
Persistent Systems, earned a net profit of 286 crores during October-December 2023. Profit growth was 20.3 percent YoY and 9 percent QoQ. The company’s revenue during the same period was 2,498 crores. 15 percent year-on-year growth and 4 percent quarter-on-quarter growth. Persistent Systems stock closed at Rs 7,922 in the late trade on Saturday.
(Disclaimer: The above information is not an investment recommendation. Just shared for the knowledge of the readers. Stock investment is subject to market volatility. Before investing in stocks, you can seek guidance from SEBI approved analysts.)