GM Breweries slumps after board's nod for bonus issue

GM Breweries was locked at 10% lower circuit at Rs 148.20 at 9:18 IST on BSE after the company said its board has recommended a bonus issue of shares in the ratio of 1:4 i.e. one share of Rs 10 each for every four shares of Rs 10 each.

The announcement was made after market hours on Thursday, 3 April 2014.

Meanwhile, the S&P BSE Sensex was up 17.10 points or 0.08% at 22,526.17.

On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 1.49 lakh shares in the past two weeks.

The stock hit a high of Rs 156.50 so far during the day.

GM Breweries' net profit surged 59.78% to Rs 6.04 crore on 1.14% decline in total income to Rs 75.02 crore in Q4 March 2014 over Q4 March 2013.

GM Breweries' net profit jumped 68.23% to Rs 21.50 crore on 0.3% growth in total income to Rs 288.73 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). The company announced the results after market hours on Thursday, 3 April 2014.

GM Breweries' board of directors at its meeting held on Thursday, 3 April 2014, recommended dividend of Rs 2.50 per share for the year ended 31 March 2014.

The dividend payment and issue of bonus will be subject to approval of members of the forthcoming AGM on 6 May 2014, GM Breweries said.

GM Breweries is engaged in manufacturing and marketing of Country Liquor (CL).

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