This midcap IT stock just approved its record date for stock split

"We wish to inform that the company has fixed Monday, April 1, 2024 as the 'Record Date' for determining the entitlement of equity shareholders for the purpose of sub-division/split of existing equity shares of the company, such that existing 1 equity share having a face value of ₹10 each into 2 equity shares of ₹5 each, fully paid up, ranking pari passu in all respects," the company said in a regulatory filing.

Stock split is usually done to increase the stock's liquidity in the market. On the ex-split date, investors holding the stock till the record date will receive the new shares in demat accounts and the stock price will be adjusted according to the split ratio.

Over the last year, shares of Persistent Systems have rallied nearly 80%, while it has risen over 10% so far this year. The stock has outperformed the Nifty IT index over the last year, which has gained 28.35%.