 "GlaxoSmithKline Pharmaceuticals zooms 17% on 1:1 bonus")
Shares of GlaxoSmithKline Pharmaceuticals have zoomed 17% to Rs 3,249 per share, also their 52-week high on the BSE, after the company's board recommended a bonus issue in the ratio of 1:1.
“The Board considered, approved and recommended a bonus issue of one equity share for every equity share held as on a record date to be determined,” GlaxoSmithKline Pharmaceuticals said in a press release.
The pharmaceutical company has reported more the doubled net profit at Rs 886 million for June 2018 quarter (Q1FY19), on back of strong operational performance. It had profit of Rs 264 million in the same quarter year ago.
Revenue from operations during the quarter under review grew 21% at Rs 7,356 million against Rs 6,071 million in the corresponding quarter of previous fiscal.
At 02:45 pm; the stock was up 15% to Rs 3,187 on the BSE, as compared to 0.36% rise in the S&P BSE Sensex. A combined 188,825 equity shares changed hands on the counter on the BSE and NSE so far.
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