Cupid shares rally nearly 15%, here is why the stock is surging in a listless session

Shares of Cupid Ltd., the country's leading condom maker, rose nearly 13%, in a subdued session for equities, to hit an intraday high of ₹92.90 on the National Stock Exchange (NSE) on Monday, March 9. On the BSE, Cupid shares surged as much as 15%. The stock came under buying interest after it started trading ex-bonus on stock exchanges.

The stock started trading ex-bonus in ratio of 4:1 which means that the existing shareholders will receive four bonus shares for every one share held on the record date.

"We wish to inform you that the deemed date of allotment would be next working day i.e. Tuesday, March 10, 2026, for allotment of 1 07,57,28,560 fully paid-up Bonus Equity Shares of Re. 1/- each in the proportion of 4:1 i.e. 4 (four) new fully paid-up equity shares of Re. 1/- (Rupee One only) for every 1 (One) existing fully paid-up equity share of Re, 1/- (Rupee One only) to the eligible shareholders as on the record date," Cupid said in a regulatory filing last week.

Companies issue bonus shares to reward existing shareholders by giving them additional shares for free, based on the number they already own, analysts said.

Meanwhile, Cupid in a sperate filing informed exchanges that Smeeta Bhatkal, its independent director, tendered resignation with effect from the closure of business hours on March 2, 2026 citing full time professional commitments.

She shall also cease to be a member of the Audit Committee of the company.

Cupid shares were witnessing heavier than usual trading activity as trading volume on the counter spike by 11 times 4.97 crore shares on the NSE compared with an average trading volume of 43.64 lakh shares.

On the BSE as many as 61.12 lakh Cupid shares changed hands compared with an average of 2.36 lakh shares traded daily in the past two weeks.

As of 1:03 pm, Cupid shares traded 14% higher at ₹91, outperforming the NIFTY50 index which was down 2.3%.