Modest gains for Reliance on bonus plans
The stock touched a high of Rs 2,209 but slipped 5% from there to touch a low of Rs 2,100. The stock managed to recover its losses and ended at Rs 2,119 - up 1%. Over 2.48 million shares were traded on the BSE today.
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(Updated at 0958 hrs)
Reliance Industries has opened in the positive after announcing a bonus of 1:1 and a dividend of 130%. The stock is trading at Rs 2,181, higher by 3.9% or Rs 2,181.
One bonus share will be issued for every share held by an investor. The company has also declared a dividend of 130% or Rs 13 per fully paid-up equity share of Rs 10.
The dividend will result in a payment of Rs 2,219 crore, inclusive of taxes of Rs 322 crore. Both the bonus shares and dividend will also accrue to the shareholders of Reliance Petroleum (RPL).
“The proposal for bonus and dividend continues Reliance’s tradition of rewarding shareholders on a sustained basis,” a company statement said.
The company also released restated results for 2008-09 to reflect the absorption of RPL effective from April 1, 2008.
The consolidated net profit stood at Rs 15,296 crore for the year ended March 31, 2009, while total income was Rs 153,138 crore. The company had registered a net profit of Rs 15,324 crore (from ordinary activities) in the FY08, the company stated in a filing to the Bombay Stock Exchange.