Igarashi Motors India advances on proposal to issue bonus shares

Igarashi Motors India rose 3.27% to Rs 877.55 at 14:35 IST on BSE after the company said its board will meet on 27 May 2017, to consider and approve issue of shares by way of bonus shares.

The result was announced during market hours today, 19 May 2017.

Meanwhile, the S&P BSE Sensex was up 3.10 points, or 0.01% at 30,437.89. The S&P BSE Small-cap index was down 132.71 points, 0.86% at 15,228.85.

High volumes were witnessed on the counter. On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 3,745 shares in the past one quarter. The stock had hit a high of Rs 913.75 and a low of Rs 835 so far during the day.

The stock had hit a record high of Rs 948 on 4 May 2017 and a 52-week low of Rs 588 on 24 May 2016. The stock had outperformed the market over the past one month till 18 May 2017, advancing 9.37% compared with the Sensex's 3.81% rise. The scrip had also outperformed the market over the past one quarter advancing 11.2% as against the Sensex's 6.91% rise.

The small-cap company has equity capital of Rs 30.61 crore. Face value per share is Rs 10.

Igarashi Motors India said that a meeting of the board of directors of the company is scheduled on Saturday, 27 May 2017, to consider and approve the issue of bonus equity shares only to the public shareholders of the company.

Igarashi Motors India's net profit fell 3.6% to Rs 17.88 crore on 1.4% increase in net sales to Rs 128.41 crore in Q4 March 2017 over Q4 March 2016.

Igarashi Motors India manufactures automobile parts. The company specializes in the design and manufacture of small, permanent magnet DC motors and gear motors.

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