The stock market saw a sharp decline on the last trading day of the week. However, one stock priced below ₹50 — Fineotex Chemical — stood out by rising 20 percent in a single day.
The company’s shares are trading ex-bonus and ex-stock split today. Notably, veteran investor Ashish Kacholia also holds a stake in the company.
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Fineotex Chemical’s stock opened at ₹25.75 on the BSE and surged 20 percent during the day to reach an intraday high of ₹29.80.
The company recently informed the stock exchanges that it will issue four bonus shares for every one share held by eligible investors.
Along with this, the stock has also been split into two tranches, and the company is now trading ex-bonus and ex-split.
The record date for these corporate actions was October 31, meaning investors who purchased shares before this date will receive the benefits.
What Does Record Date Mean?
The record date is when a company reviews its list of shareholders to determine who qualifies for benefits such as bonus shares or stock splits. Only investors whose names are listed in the company’s records on that date are eligible.
Earlier this month, on October 3, Fineotex shares also traded ex-dividend after declaring a dividend of ₹0.80 per share.
Stock Performance and Investor Details
In the past two weeks, Fineotex Chemical’s share price has jumped 21 percent, and in the last six months, the company has delivered 25 percent returns to positional investors. However, investors who held the stock for a year have seen a 20 percent loss.
Veteran investor Ashish Kacholia owns a 2.62 percent stake in the company, holding 30,00,568 shares as of the September quarter.