Patanjali Foods Ltd. shares extended their rally on Wednesday ahead of a board decision on a bonus issue. The stock has jumped 8.4% in the last two sessions.
The board meeting is scheduled to be held on Thursday, July 17, to consider a proposal for issue of bonus shares subject to approval of the shareholders, a stock exchange filing said on Monday after market hours.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
On Tuesday, Patanjali shares closed 4.2% higher. The share price has gone up for six consecutive session. If approved, this will be the Baba Ramdev-founded company's maiden bonus issue.
A bonus issue is the distribution of free shares to eligible shareholders. The share price falls in the ratio of the bonus allotment at the ex-date. However, this does not affect the overall value of holdings.
The stock has risen 16.7% in the last 12 months and 2% on a year-to-date basis. The total traded volume so far in the day stood at 5.3 times its 30-day average. The relative strength index was at 74, indicating the stock is overbought.
All four analysts tracking Patanjali Foods have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price target of Rs 2,101 implies a potential upside of 16%.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.