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Share Market News: OK Play India, a company that manufactures toys for children and has a market cap of Rs 478 crore, has said that its board of directors has approved the sub-division of shares of face value of Rs 10 into shares of face value of Rs 1. “The Board of Directors at its meeting held today has accorded its approval to sub-divide/split the Equity Shares of the Company, Division of every 1 (one) equity share of the nominal/face value of Rs. 10/- (Rupees ten only) each into 10 (Ten) equity shares of the nominal/face value of Rs. 1/- (Rupees One only) each.
Additional disclosures are enclosed and marked as Annexure I,” the company said in an exchange filing.
According to the company, the rationale behind the split is to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors. Meanwhile, benchmark equity indices began the day on a bearish note on Wednesday tracking weak Asian markets and fresh foreign fund outflows, but later recovered all the lost ground to trade in the green on buying in Reliance Industries.
Investors are eyeing the two important events lined up ahead — the interim budget and the US Fed interest rate decision — to derive further cues from.
The 30-share BSE Sensex declined 243.07 points to 70,896.83 in early deals. The Nifty also slipped 73.25 points to 21,448.85.
However, later both the benchmark equity indices recovered the early lost ground and were trading in the green. The Sensex quoted 146.33 points up at 71,286.23, and the Nifty traded higher by 58.25 points to 21,580.35.
Global oil benchmark Brent crude declined 0.45 per cent to USD 82.50 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,970.52 crore on Tuesday, according to exchange data.
The BSE benchmark fell by 801.67 points or 1.11 per cent to settle at 71,139.90 on Tuesday. The Nifty declined 215.50 points or 0.99 per cent to 21,522.10.
Disclaimer: The article is for informational purposes only and not investment advice.
