EID Parry zig-zags on stock-split

DALAL STREET SPIKES

The stock hit the day's high of Rs 590, before slipping to close at Rs 546.50, down 3.6 per cent from its previous close. More than 46,000 shares changed hands on the Bombay Stock Exchange.

Market sources said the announcement of the stock-split lifted the sentiment in the stock. The company on Monday said that its board of directors at a meeting held on March 21, 2005, approved the sub-division of the nominal value of equity shares from Rs 10 per share to Rs 2 per share.

Analysts said the proposed stock-split is expected to improve the liquidity at the counter.

The stock witnessed a sharp surge in the past few days ahead of the announcement. It jumped 22.4 per cent to Rs 546.50 on March 21, 2005, from Rs 476.85 on February 23, 2005.