Shivalik Bimetal surges as board approves bonus issue

Shivalik Bimetal Controls jumped 5.54% to Rs 81 at 12:17 IST on BSE after the company said its board approved issue of bonus shares in the ratio 1:1.

The announcement was made after market hours yesterday, 23 August 2017.

Meanwhile, the S&P BSE Sensex was up 10 points, or 0.03% at 31,578.01. The S&P BSE Small-Cap index was up 54.29 points, or 0.35% at 15,629.80.

On the BSE, 25,000 shares were traded on the counter so far as against the average daily volumes of 15,374 shares in the past one quarter. The stock had hit a high of Rs 84 and a low of Rs 78.60 so far during the day. The stock had hit a record high of Rs 84.60 on 10 July 2017 and a 52-week low of Rs 28.60 on 23 August 2016.

The stock had outperformed the market over the past one month till 23 August 2017, gaining 2.81% compared with the Sensex's 1.44% fall. The scrip had also outperformed the market over the past one quarter advancing 18.9% as against the Sensex's 3.96% rise. The scrip had also outperformed the market over the past one year advancing 161.05% as against the Sensex's 12.78% rise.

The small-cap company has equity capital of Rs 3.84 crore. Face value per share is Rs 2.

Shivalik Bimetal Controls said that the board of directors of the company in its meeting held on 23 August 2017, has considered and approved issue of bonus shares in the ratio of 1:1, i.e., one bonus share for every one share held.

Shivalik Bimetal Controls' net profit spurted 172.8% to Rs 3.11 crore on 22.9% increase in net sales to Rs 31.26 crore in Q4 March 2017 over Q4 March 2016.

Shivalik Bimetal Controls is engaged in manufacturing thermostatic bimetal/trimetal strips and parts, and shunt (Resistors).

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