1:2 Stock Split: Record Date On 27 September, Near Term Target Rs 913; Buy Below Rs 830?

According to International Cranes' ranking from June 2024, Sanghvi Movers Limited (SML) is the fourth-largest crane rental company in the world and has a major presence in the Indian and Asian markets. SML, which has its headquarters in Pune, was established in 1989 and completed its IPO in 1994. The National Stock Exchange and the Bombay Stock Exchange both handle the company's shares for trading. Across more than 130 active project sites in India, the company operates a fleet of more than 400 medium-to large-sized heavy-duty telescopic and crawler cranes, with capacities ranging from 20 to 1600 MT. The company's main business is building several industrial plants, such as those in the power, steel, cement, fertiliser, petrochemical, and refinery sectors, as well as the underground and elevated metros and windmill industries. SML has a nationwide presence in India, with its depot network spanning over ten states across the country. On Monday, the shares of Sanghvi Movers ended on the BSE at RS 819.50 per share and at Rs 822 apiece level on the NSE.

Sanghvi Movers Stock Split

"Pursuant to Regulations 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, this is to inform you that the Company has fixed Friday, 27 September 2024 as the 'Record Date' for determining the entitlement of Equity Shareholders for the purpose of Sub-Division/Split of 1 (One) Equity Share of Rs . 2/- (Rs. Two Only) each into 2 (Two) Equity Shares of Rs. 1/- (Rs. One Only) each, fully paid up, ranking pari passu in all respects," said Sanghvi Movers in a stock exchange filing.

Sanghvi Movers Stock Split Allotment

"Upon Sub-Division/Split of Equity Shares as aforesaid and with effect from the Record Date: a. for the Equity Shares held in physical form, the existing share certificate(s) in relation to the said Equity Shares, shall be deemed to have been automatically cancelled and shall be of no effect and the Board, without requiring the Members to surrender their existing share certificate(s), shall issue new share certificate(s)/Letters of Confirmation of the Company and shall comply with the prevailing laws/guidelines in this regard; and b. for the Equity Shares held in dematerialised form, the sub-divided/split Equity Shares shall be credited proportionately into the respective beneficiary demat account(s) of the Members held with their Depository Participant(s), in lieu of the existing credits present in their respective beneficiary demat account(s)," informed Sanghvi Movers to stock exchanges.

Sanghvi Movers Share Price Target

"Sanghvi Movers stock price is bullish on the Daily charts with strong support at 788. A Daily close above resistance of 833 could lead to a target of 913 in the near term," said A R Ramachandran, Independent Research Analyst.

Disclaimer

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