Market News
2 min read | Updated on October 18, 2024, 11:25 IST
SUMMARY
Shares of graphite electrode major, HEG, have turned ex-split, plunging over 80% on some trading apps showing the unadjusted price on Friday, October 18. TCS and Anand Rathi are two stocks turning ex-dividend today.
Stock list
When shares turn ex-split, it means that the split has taken effect, and the new shares are now trading at a lower price per share
HEG shares have turned ex-split from a face value of ₹10 each to ₹2 each on Friday, October 18. The shares of the company, which is a key graphite electrode player in India with an installed capacity of 1,00,000 mt, are in focus.
While the stock closed ₹2,570.80 apiece previously, the shares opened at ₹511 apiece on Friday, depicting a plunge of 80.12%. Taking some investors by surprise, the huge fall in shares was due to the stock split.
When a company announces a stock split, it divides its existing shares into multiple new shares to improve liquidity. When shares turn ex-split, it means that the split has taken effect, and the new shares are now trading at a lower price per share. However, the overall value of the stock remains the same.
Some trading apps showed the unadjusted price for the HEG stock, suggesting the 80% fall. Adjusting the stock split, the shares were trading 3.71% lower at ₹495.10 on BSE at 10:37 AM on Friday, October 10.
HEG is a major graphic electrode manufacturer in the country, having one of the largest integrated graphite electrode plants in the world, processing UHP (Ultra High Power) electrodes.
Sacheta Metals Ltd and Humming Bird Education Ltd will also undergo a stock split, turning ex-date today.
Additionally, Tata Consultancy Services Ltd (TCS) and Anand Rathi Wealth Ltd will go ex-dividend today. TCS has declared an interim dividend of ₹10 and its dividend payment is scheduled for November 5.
Today also serves as the record date, meaning investors listed in the register of members or in the records of the depositories as beneficial owners of the shares as of October 18, 2024, will be eligible for the dividend. Meanwhile, Anand Rathi Wealth has announced a dividend of ₹7 per share, and the actual payment is set for November 9.
Moreover, Bella Casa Fashion & Retail Ltd, IGC Industries Ltd, and Thinkink Picturez Ltd may turn ex-rights today. Companies such as Hindustan Zinc, Jio Financial Services, Tata Consumer Products Ltd, ICICI Lombard, and Oberoi Realty will be releasing their quarterly results today.
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