V-Guard Industries hits record high ahead of stock split

The stock hit a record high of Rs 1,848, appreciated more than 100% from Rs 798, in past six-months.

V-Guard Industries has moved higher by 8% to Rs 1,848, also its record high on the BSE, ahead of stock split in the ratio of 10:1 on Tuesday, August 30, 2016.

The board of directors of V-Guard Industries at their meeting held on June 16, 2016, had approved the stock split in the ratio of one equity share of face value of Rs 10 each will be split into ten equity shares of face value of Re 1 each.

The company has fixed August 31, 2016 as the record date for the purpose of sub-division of equity shares. The stock will turn ex-stock split on August 30.

The rationale for the stock split is to improve liquidity of the shares in the market and make the shares more affordable to small investors.

Since June 15, the stock outperformed the market by surging 41% from Rs 1,309, as compared to 4% rise in the S&P BSE Sensex. In past six-months, it appreciated more than 100% from Rs 798, against 22% rise in the benchmark index.

At 02:23 pm, the stock was up 6% at Rs 1,816 on the BSE, as compared to 0.3% rise in the Sensex. A combined 134,146 shares changed hands on the counter on the BSE and NSE so far.