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Balkrishna Industries 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 record date for the bonus issue.
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 bonus issue by way of capitalization of reserves in the ratio of 1:1. The benchmark index was down 1% during the same period.
Vakrangee fixed Saturday, December 23, 2017 as the record Date for the purpose of determining members eligible for bonus equity shares of the company. The stock will turn ex-bonus on December 21, 2017.