Balrampur Chini Mills on a split run

DALAL STREET SPIKES

Shares of Balrampur Chini Mills closed at Rs 664.30, up from the previous close of Rs 641.60, fuelled by the company's announcement that it had decided to split the stock. The scrip opened at Rs 660, and went to a high of Rs 693.95 in intra-day deals.

Volumes in the counter on the BSE was of the order of 2.38 lakh shares. The stock is currently at its lifetime high. In just over a fortnight of trading, the stock has appreciated more than 18 per cent.

One of the main drivers for the spike in the scrip was due to the sugar prices firming up. The company board is meeting on February 5, to consider the stock split.

There will also be a fresh issue of share on a preferential basis. For the record the company is based in UP and manufactures sugar from cane and is among the largest players in the sugar sector.

The hardening cane pieces also led to the company recording improved results for the third quarter.