AGC Networks zooms 20% on three-fold jump in Q4 net

The board recommended a dividend of Rs 15 per share, includes a dividend of Rs 5 per share on occasion of company completing 25 years

AGC Networks has frozen upper circuit of 20% at Rs 235 on reporting over three-fold jump in net profit at Rs 23.96 crore the quarter ended March 2012, compared to Rs 7.53 crore in a year ago quarter. Net sales grew 57% at Rs 302 crore on year-on-year basis.

The board of directors of the company has recommended a dividend of Rs 15 per share (150%) on equity shares of Rs 10/- each for the year ended March 31, 2012. This dividend includes a dividend of Rs 5 per share (50%) on occasion of company completing 25 years.

Meanwhile, the board also approved the sale of 5.7 million fully paid-up equity shares (of the face value of Rs 10/- each) held in Aegis Limited at a price of Rs 170/- each to AGC Holdings Limited.

 

As many as a combined 149,148 shares have changed hands on the counter so far, against sub 25,000 shares that were traded daily in past two weeks. There are pending buy orders for 18,777 shares on the NSE and BSE.