M&M down 3%, Vakrangee hit new high as stocks turn ex-bonus

M&M, Balkrishna Industries and Castrol India were down 3%, while Vakrangee hit a new high of Rs 405, up 7% on the BSE in early morning trade.

Shares of Mahindra & Mahindra (M&M), Balkrishna Industries and Castrol India were down 3% in early morning trade after these stocks turn ex-bonus on Thursday. While Vakrangee hit a new high of Rs 405, adjusted to bonus issue, was up 7% on the BSE in intra-day trade.

The board of directors of the respective companies had announced bonus shares in the ratio of 1:1 i.e. one bonus share for every share held as on record date.

These companies have fixed December 23, 2017 as the record date for the purpose of determining members who would be entitled to the bonus equity shares.

Except, Castrol India, shares of M&M, Balkrishna Industries and Vakrangee hit their respective new high after these companies announced that their respective board to consider bonus issue. These stocks had outperformed the market by gaining up to 40% against less than 3% gain in the benchmark S&P BSE Sensex till Wednesday.

COMPANY	LATEST	PREV CLOSE	LOSS(%)
BALKRISHNA INDS	1212.70	1252.85	-3.20
M & M	749.00	770.90	-2.84
CASTROL INDIA	204.35	209.55	-2.48
VAKRANGEE	390.80	380.20	2.79