Varun Beverages gains on mulling bonus issue

Varun Beverages was up 0.57% to Rs 942 at 10:42 IST on the BSE, after the company announced that a board meeting will be held to consider issue of bonus shares.

The announcement was made during market hours today, 12 June 2019.

Meanwhile, the S&P BSE Sensex was down by 252.38 points, or 0.63% to 39,698.08.

On the BSE, 1561 shares were traded in the counter so far compared with average daily volumes of 1514 shares in the past two weeks. The stock had hit a high of Rs 947.35 and a low of Rs 941 so far during the day. It hit a 52-week high of Rs. 963 on 28 May 2019 and a 52-week low of Rs. 670.10 on 26 July 2018.

Varun Beverages announced that a meeting of the board of directors of the company will be held on 17 June 2019, to consider proposal for declaration of bonus issue of equity shares. The company, if approved by the board, will be issuing bonus equity share for the first time.

Varun Beverages reported a 118.1% rise in the net profit to Rs 40.63 crore on a 24.1% rise in the net sales to Rs 1359.15 crore in Q4 March 2019 over Q4 March 2018.

Varun Beverages is engaged in manufacturing, selling, bottling and distribution of beverages of Pepsi brand.

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