Gravita India is trading higher by 2% at Rs 752, also its all-time high market price, on announcing stock split plans of its shares at lower denomination from the existing face value of Rs 10 per share.
“The board of directors of the company will meet on March 09, 2012, to consider sub-division of shares of the company,” the non-ferrous metal company said in a filing to the stock exchanges.
The stock price of the company has appreciated by more than three-fold or 219% from Rs 236 in February 2011 on the Bombay Stock Exchange, compared to around 2% fall in the benchmark index Sensex during the period.
A combined around 2,500 shares have changed hands on the counter on opening deals on both the exchanges.
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