Maharashtra Seamless share bonus, ratio announced: Stock slumps over 2%; Should you buy?

Maharashtra Seamless share bonus news: A day after Maharashtra Seamless announced that its board of directors has recommended the issue of bonus equity shares of the company in the ratio of 1:1, share prices of the company fell over per cent at the NSE. The scrip was trading at Rs 853.35, down by over 20 points, or 2.30 per cent, at 10:40 am on Monday. Shares of the company were trading over 2 per cent lower at Rs 853 apiece on the BSE in Tuesday's opening deals.

Maharashtra Seamless Share Price Target

According to Zee Business panellist Kunal Saraogi, the chart of Maharashtra Seamless is good. He said that further rally is possible and suggested to HOLD the stock.

Maharashtra Seamless Share Price Target - Rs 925/930
 
Maharashtra Seamless Share Price Stop Loss - Rs 850

Earlier on Monday, Maharashtra Seamless through a corporate filing on Monday informed about the decision to issue bonus shares in the ratio of 1:1. "Recommended Issue of Bonus Shares in the ratio of 1 (one) Bonus Equity Share against 1 (one) existing Equity Share, subject to the approval of shareholders of the Company," the company said in the exchange filing. 

Maharashtra Seamless Bonus Shares Record Date 

The company has said in the exchange filing that the Record Date will be intimated in due course.

Meanwhile, the Board of Directors of the Maharashtra Seamless has also approved the appointment of Sarat Kumar Mohanty as Chief Financial Officer. "Appointment of Mr. Sarat Kumar Mohanty as Chief Financial Officer of the Company with effect from 17th October, 2022," the exchange filing reads.

"Reclassification and increase in Authorised Capital and make necessary changes in the Memorandum of Association of the Company, subject to approval of shareholders," has also been approved.

Maharashtra Seamless share price 52-week range is Rs 910 and Rs 450. The scrip hit an all-time high of Rs 910 on October 13, 2022 and an all-time low of Rs 12 on July 29, 1998.