Multibagger defence PSU hits 52-week high on first day of stock split; shares zoom over 17%

Bharat Dynamics Share Price: On the first day of its split, the Bharat Dynamics stock skyrocketed by over 17 per cent to hit a 52-week high on BSE on Friday (May 24, 2024).

The stock that soared to an all-time high a day ago continued the trading in the same fashion on Friday.

After closing at Rs 1,406.70 in the previous session, the stock soared by 17.30 per cent to hit a 52-week high of Rs 1,650.00 on Friday. 

The stock that began trading at Rs 1,442.70 closed the day higher by 8.59 per cent, or Rs 120.80, at Rs 1,527.50 at 2:54 pm on Friday. 

Earlier, Bharat Dynamics announced a stock split from the face value of Rs 10 per equity share to Rs 5 per equity share (share split ratio of 2:1 or two for one).

The company had set May 24 as the record date for the corporate action.

Bharat Dynamics is one of the leading defence PSUs in India.

The large-cap firm manufactures surface to air missiles (SAMs), air to air missiles (AAMs)anti-tank guided missiles (ATGMs), launchers, countermeasures, underwater weapons, and test equipment.