ITC gains after board recommends bonus issue

ITC rose 3.66% to Rs 336.80 at 15:30 IST on BSE after the company's board recommended 1:2 bonus issue of shares.

The company made the announcement after declaring its Q4 results at the fag end of the trading session today, 20 May 2016.

Meanwhile, the BSE Sensex was down 97.82 points, or 0.39%, to 25,301.90.

On BSE, so far 15.11 lakh shares were traded in the counter, compared with an average volume of 6.76 lakh shares in the past one quarter. The stock hit a high of Rs 337.85 and a low of Rs 325 so far during the day. The stock hit a 52-week high of Rs 359.75 on 26 October 2015. The stock hit a 52-week low of Rs 268 on 29 February 2016. The stock had underperformed the market over the past one month till 19 May 2016, sliding 3.12% compared with 1.61% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.58% as against Sensex's 7.13% rise.

The large-cap company has an equity capital of Rs 804.72 crore. Face value per share is Re 1.

ITC said that its board has recommended issue 1 bonus share for every existing 2 fully paid-up ordinary shares.

ITC's net profit rose 5.68% to Rs 2495.20 crore on 9.49% increase in total income to Rs 10580.33 crore in Q4 March 2016 over Q4 March 2015.

The company's net profit rose 2.47% to Rs 9844.71 crore on 1.55% increase in total income to Rs 38641.13 crore in the year ended March 2016 over the year ended March 2015.

On a consolidated basis, ITC's net profit rose 2.57% to Rs 9911.61 crore on 2.21% increase in total income to Rs 40975.75 crore in the year ended March 2016 over the year ended March 2015.

The board of ITC has recommended dividend of Rs 8.50 (including a special dividend of Rs 2) per share for the financial year ended March 2016.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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