India Motor Parts jumps after board approves bonus issue

India Motor Parts & Accessories surged 11.24% to Rs 989.95 after the company said its board approved 1:2 bonus issue of shares.

India Motor Parts & Accessories announced that its board of directors at their meeting held on 10 September 2019, recommended issuing one bonus share for two equity shares held by the shareholders of the company as on the record date. The proposal is subject to the approval of shareholders.

The board has fixed Tuesday, 22 October 2019, as the record date for the bonus issue. The announcement was made on Monday, 10 September 2019.

Shares of India Motor Parts & Accessories have extended gains for the fifth consecutive trading session, rising 23.67% to its current market price of Rs 989.95 from its close of Rs 800.50 on 28 August 2019.

Meanwhile, the S&P BSE Sensex was up 135 points or 0.36% to 37280.04.

On the BSE, 1388 shares were traded in the counter so far compared with average daily volumes of 258 shares in the past one quarter. The stock hit a high of Rs 993 and a low of Rs 935 so far during the day.

The stock hit a 52-week high of Rs 993 on 11 Sep 2019. The stock hit a 52-week low of Rs 784 on 01 Aug 2019. The scrip has underperformed the market in past one year, down 6.32% as against Sensex's 2.05% fall.

On a consolidated basis, the automobile spare parts and accessories distributor's net profit rose 18.8% to Rs 9.15 crore on a 8.7% increase in net sales to Rs 142.31 crore in Q1 June 2019 over Q1 June 2018.

India Motor Parts & Accessories (IMPAL), a TVS Group Company, is engaged in the distribution of automobile spare parts and accessories through its 70+ branch network representing over 50 manufacturers. IMPAL is one of the few all India distributors of motor parts and deals in engine group components, brake systems, fasteners, radiators, suspensions, axles, auto electricals, wheels, steering linkages, instrument clusters etc.

Powered by Capital Market - Live News