Borosil Glass surges 12% as board approves stock split

The board approved split of equity shares of the Company from Rs 10 per share to Re 1 per share.

Borosil Glass Works surged 12% to Rs 8,300 on BSE in intra-day trade after the company announced that its board approved split of equity shares of the Company from Rs 10 per share to Re 1 per share.

In order to facilitate affordability of the company’s shares for investors at large and to enhance the liquidity of the company’s equity shares in the stock market, the most of companies proposed to bring down the nominal face value of equity shares.
 

Borosil Glass Works has equity capital of Rs 2.31 crore, of which 74.28% shares hold by the promoters.

Meanwhile, the board of directors has recommended dividend of Rs 25 per equity shares of Rs 10 each for the financial year 2016-2017, Borosil Glass Works said in a statement.

The company engaged in houseware business has reported a standalone net profit of Rs 8.92 crore for the quarter ended March 2017 against a net loss of Rs 6.51 crore in the same quarter last year.

At 10:50 am; the stock was up 9% at Rs 8,078 on BSE as compared to 0.44% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with around 11,000 shares changed hands so far against an average 2,713 shares that were traded daily in past two weeks, the BSE data shows.