Rushil Decor Shares in Focus As Board May Consider Stock Subdivision

A stock split is when a company increases the number of its outstanding shares of stock to increase the stock’s liquidity.

Share Market News: Shares of Rushil Decor will be in focus on Monday as the board of directors of the company will meet on May 24 to consider a stock split proposal. If the board approves the subdivision, this will be the first time the shares of the company will undergo a stock split after being listed on the stock exchanges in 2011.

Advertising

Advertising

A stock split is when a company increases the number of its outstanding shares of stock to increase the stock’s liquidity. The share of Rushil Decor had closed at Rs 330.05 on Friday, up by around 7.44 per cent from the previous close of 307.20.

Meanwhile, investors’ wealth eroded by Rs 2.25 lakh crore on Friday, the day when the BSE Sensex tanked 733 points, amid profit-taking and worries over premium valuations of local stocks. The 30-share BSE benchmark dropped 732.96 points or 0.98 per cent to settle at 73,878.15 after soaring 484.07 points earlier in the day. From its intra-day high of 75,095.18, the benchmark tanked 1,627.45 points to the day’s low of 73,467.73.

The market capitalization of BSE-listed companies eroded by Rs 2,25,543.41 crore to Rs 4,06,24,224.49 crore (USD 4.89 trillion). Markets failed to capitalize on the firm start despite upbeat US and European cues and crashed on the back of broad-based selling, as investors worried over premium valuations of local stocks offloaded their holdings. Weakness in banking, telecom, oil & gas and realty stocks led the slump, even as Dow Futures indicated an upbeat start.

“As valuation discomfort rises, investors are becoming choosy and taking select bets. Uncertainty over interest rate, gloomy geopolitical scenario and FII fund outflows have prompted investors to book profits at regular intervals,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

From the Sensex basket, Larsen & Toubro, Maruti, Bharti Airtel, Nestle, Reliance Industries, JSW Steel, Kotak Mahindra Bank and UltraTech Cement were among the major laggards.