RITES Share Price: RITES shares rally over 12% as stock trades ex-dividend, ex-bonus

The company announced a final dividend of Rs 5 per share and a 1:1 bonus share issue earlier in July for its eligible shareholders, while later announcing September 20 as the record date for both in August.

Thursday was the last day to buy the shares of the company to be eligible for the aforementioned dividend and bonus shares as the shareholder’s name must appear in the company’s records before the record date for qualifying for the eligibility.

A 1:1 bonus share issue means that for each existing share of the company held, shareholders will receive an additional share credited to their demat account, provided they are eligible.

In the past 12 months, RITES has declared equity dividends totaling Rs 16.75 per share. With the share price at Rs 372.30, the company’s dividend yield is 4.50%, according to Trendlyne data.

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The same data suggests that prior to this, the company issued bonus shares only once, in the year 2019.

The shares of RITES have increased by 46.17% over the past year, gaining nearly 47% so far in the current year. Technically, the stock is well placed above all its short, medium and long term exponential moving averages.

On the Relative Strength Indicator (RSI), the stock is oscillating near the 52 level, which is a mid range mark on the indicator.

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