Bonus issue decision shores up FDC

DALAL STREET SPIKES

FDC touched an all-time high of Rs 108.60 with the shares locked at 10 per cent upper circuit in the early morning trade.

The stock was in the limelight for the second consecutive day following the company's decision to consider a bonus issue.

According to a dealer, there were outstanding buy orders of 1.92 lakh shares on the BSE at 10 per cent upper limit, with a total of 58,600 share changing hands in the morning trade alone.

Market analysts said the entire pharma sector is abuzz following the bonus announcements by Alembic and Wockhardt last week.

Since then, most of the pharma stocks have appreciated considerably. FDC will consider a bonus issue in a meeting on February 24.

While Alembic announced a liberal 2:1 bonus, Wockhardt came out with a 1:2 bonus last week.