Balkrishna Industries, Vakrangee rally up to 39% post bonus announcement

Balkrishna Industries hit an all-time high of Rs 2,341, up 4.5%, extending its Thursday's 2.5% gain on the BSE, on back of two-fold jump in trading volumes

Shares of Balkrishna Industries and Vakrangee hit their respective new high on Friday, up 39% after their respective boards declared bonus issue to their existing shareholders. Both these stocks have outperformed the market by wide margins post bonus announcements.

Balkrishna Industries hit an all-time high of Rs 2,341, up 4.5%, extending Thursday’s 2.5% gain on the BSE, on back of two-fold jump in trading volumes.

Since November 8, the stock of the tyre company has surged 30% from Rs 1,798 after the board recommended 1:1 bonus share (1 share for every 1 share held). On comparison, the S&P