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Kothari Products soars 54% in two weeks on 2:1 bonus issue

The company said the bonus shares will be credited/ dispatched on or before April 10, 2014.

SI Reporter  |  Mumbai 

is locked in upper circuit of 20% at Rs 532, extending its past two-week rally on the BSE, after its board has recommended the issue of bonus shares in the ratio of 2:1 i.e. two bonus equity shares for every one existing equity share.

The stock has soared 54% in past two weeks from Rs 345 on February 10, as compared to 2% rise in benchmark S&P BSE Sensex.

At 1445 hours, a combined 61,421 shares have changed hands on the counter and there are pending buy orders for around 5,000 shares on the BSE and NSE.

The company seeks the shareholders approval for a maiden plan through postal ballot. The record date for the issue of bonus Shares to the shareholders will be fixed after the approval of the issue of bonus Shares by the shareholders of the company, said in a statement.

The bonus shares of the company will be credited/ dispatched on or before April 10, 2014, it added.

Meanwhile, has reported nearly seven-fold jump in net profit at Rs 65.76 crore for the third quarter ended December 31, 2013, on back of strong operational performance. The company had profit of Rs 9.72 crore in the same quarter previous fiscal.

First Published: Mon, February 24 2014. 14:52 IST
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