Engineers India hits 29-month high ahead of bonus issue

The stock was up 2.5% at Rs 325 in intra-day trade, its highest level since July 3, 2014 on the BSE.

Engineers India has moved higher to its 29-month high of Rs 325, up 2.5% on the BSE, ahead of the stock turning ex-bonus in the ratio of 1:1 on Friday, December 30, 2016. The stock is trading at its highest level since July 3, 2014.

The company has fixed January 02, 2017 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:1 i.e. 1 (one) new equity bonus share of Rs 5 each for every 1 (one) existing fully paid-up equity share of Rs 5 each held.

Since November 8, the stock of state-owned company has rallied 24% after the Engineers India said that the board will meet on November 16, to consider the issue of bonus shares. The S&P BSE Sensex is down 4.7% during the same period.

At 10:17 am; the stock was up 2% at Rs 324 on the BSE against 0.33% rise in the in benchmark index. A combined 1.45 million shares changed hands on the counter on the BSE and NSE so far.