Varun Beverages on Wednesday announced that the company would consider a stock split in its next board meeting.
What Happened: One of the largest bottlers of Pepsico‘s, VBL informed the exchanges that its board would meet on May 2, to consider a stock split. The company is also scheduled to release its Q4 earnings on May 2. The company had announced a 1:2 bonus share issue last year.
VBL share price is down around 0.6% today as the stock turned ex-dividend today. The company had declared a Re.1/share final dividend for FY23. The record date for the dividend payment was April 12.
The company’s stock recently came under pressure after the entry of Reliance‘s Campa Cola in March this year. As Campa Cola cut its prices, VBL share prices slumped before recovering strongly to hit a new 52-week high last week.
However, ICICI Securities in its latest report did maintain its ‘hold’ rating for the stock with a price target of ₹1,290, as it feels that at current valuations the upside in the stock is capped.
Get all the latest Share Market trends and news to set you up for the week ahead.
Price Action: VBL share price was down 0.66% to trade at ₹1,436.60 in the early hours of trading on Thursday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.