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Indian Hume Pipe Company spurts as board to consider bonus issue

Capital Market 

Company jumped 11.89% to Rs 749.55 at 09:41 on after the company scheduled a board meeting on 26 October 2016 to consider the proposal for issuing bonus shares by capitalization of free reserves.

The announcement was made after market hours yesterday, 17 October 2016.

Meanwhile, the S&P Sensex was up 193.02 points, or 0.7%, to 27,722.99

On BSE, so far 18,000 shares were traded in the counter, compared with average daily volume of 10,299 shares in the past one quarter. The stock hit a high of Rs 785 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 747 so far during the day. The stock hit a 52-week low of Rs 272.50 on 29 February 2016.

The small-cap company has equity capital of Rs 4.84 crore. Face value per share is Rs 2.

Company's net profit jumped 311.39% to Rs 26 crore on 110.72% rise in net sales to Rs 447.07 crore in Q1 June 2016 over Q1 June 2015.

Company is engaged in the business of providing integrated water supply schemes including manufacturing, laying and jointing of pipelines of various pipe materials which provide infrastructure facility for development of water supply and irrigation projects.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 09:38 IST