Shares of Krishna Institute of Medical Sciences Ltd. hit their lifetime high after getting adjusted on the record date of the share split. The company had approved the splitting of one equity share having a face value of Rs 10 each into five of Rs 2 face value, according to an exchange filing.
This is the first time the company has split its shares.
Shares of the company rose as much as 6% to hit a record high of Rs 580 apiece. The stock pared gains to trade 1.2% higher at Rs 553.25 as of 10:39 a.m. This compares to a 0.12% fall in the NSE Nifty 50 Index.
The stock has gained 10% in the last four sessions.
It has risen 39.91% on a year-to-date basis and 40.1% in the last 12 months. Total traded volume so far in the day stood at 2.20 times its 30-day average. The relative strength index was at 81.93, indicating that the stock may be overbought.
Out of the 14 analysts tracking the company, 13 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.3%.
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