Bharat Forge forges ahead on stock split news

DALAL STREET SPIKES

The stock of the auto ancillary major ended 7.05 per cent higher to close at Rs 1,417.80. More than 1.29 lakh shares changed hands on the BSE on Wednesday.

Dealing room sources said that there were renewed buying interest at the counter following the announcement of a stock split. A dealer opined that the stock spilt will further increase the scope of liquidity at the counter.

The announcement of hiking the FII limit to 40 per cent also added fuel to Wednesday's rally. Bharat Forge also announced of raising up to $300 million to meet company's long terms financing requirements.

The company plans to sub-divide equity shares of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each.