Debt-Free IT Stock Rallies 9.4%, Defies Market Mood As Board Fixes Record Date

By Malvika Gurung — Shares of the IT services provider Saksoft (NS:) rallied 9.4% to Rs 1,252.9 apiece at 10:46 am on Thursday, significantly defying the broader market mood as benchmark equity indices and shed 0.5% each.

The small-cap digital transformation company informed the stock market exchanges of its board fixing the record date for the subdivision of equity shares.

The Chennai-based company has set September 26, 2022, as the record date for conducting a stock split in the ratio of 1:10, meaning its shares will trade ex-split on Friday, Sept 23, as the markets shall remain closed over the weekend.

The debt-free company had already approved and declared the subdivision of its shares in the ratio of 1:10.

Splitting a stock typically increases the stock’s liquidity in the capital market and makes it more affordable for small investors. Doing so increases the number of shares in the market while keeping the stock’s market capitalization unchanged.

The Indian market opened lower on Thursday and is trading in red, tracking global cues after the US Fed hiked its benchmark interest rate by 75 basis points for the third consecutive time on Sept 21 and gave a hawkish outlook for future monetary tightening to curb the soaring inflation.

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