Kavveri Telecom Products has rallied 13% to Rs 186 after the board of telecom equipment maker at its meeting held on May 30, approved setting up of a subsidiary in USA to acquire companies in USA.
“The board further authorized Mr. C. Shiva Kumar Reddy, managing director and Mr. William R. McBride, executive vice president (Acquisitions and Strategic Relationships) to take necessary steps required to complete this incorporation,” Kavveri Telecom said in a filing.
Meanwhile, the board of directors have also recommended final dividend of Rs 4/- per equity share (i.e. 40% on equity share of face value Rs 10/- each fully paid up) for the financial year 2011-12.
The stock opened at Rs 163 and touched high of Rs 191 on the Bombay Stock Exchange. Around 67,000 shares have changed hands on the counter so far on the BSE.