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Balkrishna Industries, Vakrangee rally up to 39% post bonus announcement

Balkrishna Industries hit an all-time high of Rs 2,341, up 4.5%, extending its Thursday's 2.5% gain on the BSE, on back of two-fold jump in trading volumes

SI Reporter  |  Mumbai 

Balkrishna Industries, Vakrangee rally up to 39% post bonus announcement

Shares of and hit their respective new high on Friday, up 39% after their respective boards declared to their existing shareholders. Both these stocks have outperformed the market by wide margins post bonus announcements.

hit an all-time high of Rs 2,341, up 4.5%, extending Thursday’s 2.5% gain on the BSE, on back of two-fold jump in trading volumes.

Since November 8, the stock of the tyre company has surged 30% from Rs 1,798 after the board recommended 1:1 bonus share (1 share for every 1 share held). On comparison, the S&P BSE Sensex was up marginally by 0.03% during the period. The company is yet to announce the for the

It reported a better-than-expected net profit at Rs 203 and revenue of Rs 1,114 crore for the quarter ended September 2017 (Q2FY18). The company has recorded highest ever quarterly volume at 49,331 MT, a growth of 15.9% year on year, against analyst estimate of 11%.

Vakrangee, too, hit record high of Rs 754, up 1% on the BSE after a huge block deal executed on the counter today.  Till 12:38 PM; around 2.8 million equity shares representing 0.54% of total equity of the company changed hands, the BSE data shows.

Since November 2, the stock surged 39% from Rs 542 after the company that its board will meet on November 13 to consider and approve issue of bonus shares. The board recommended a by way of capitalization of reserves in the ratio of 1:1. The benchmark index was down 1% during the same period.

fixed Saturday, December 23, 2017 as the for the purpose of determining members eligible for bonus equity shares of the company. The stock will turn ex-bonus on December 21, 2017.

First Published: Fri, December 08 2017. 12:52 IST
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