Zydus Wellness Ltd. on Monday announced that it has received board nod to split its existing equity shares into five. The company has also announced a final dividend of Rs 6 per share.
One equity share of the firm of face value Rs 10 apiece will be split into five shares of Rs 2 each, fully paid up, an exchange filing stated.
At present, the total number of shares of Zydus Wellness stand at 6.36 crore, as per the shareholding pattern available with BSE. The company's market capitalisation stands at Rs 50,153.12 crore.
The stock split would not alter the company's market cap, but double the number of shares. This exercise is generally aimed at improving market liquidity.
Zydus Wellness also declared its results for the January-March quarter on Monday. The healthcare firm's revenue rose 16.7% year-on-year to Rs 913.10 crore. The company's net profit went up 14% year-on-year at Rs 171.90 crore.
Zydus Wellness Share Price Hits Three-Month High
Shares of Zydus Wellness rose as much as 3.64% to Rs 1,893.90 apiece, the highest level since Feb. 4. It pared gains to trade 0.31% higher at Rs 1,833 apiece, as of 1:18 p.m. This compares to a 0.13% decline in the NSE Nifty 50.
It has risen 6.22% in the last 12 months and fallen 6.76% year-to-date. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 66.78.
Out of six analysts tracking the company, five maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.4%.
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