Ex-bonus boost for Gujarat NRE Coke

DALAL STREET SPIKES

Gujarat NRE Coke was in action soon after turning ex-bonus. The stock in intra-day trades touched a high of Rs 50.10, before closing at Rs 43.85, marginally higher than Monday's close. The counter witnessed volumes of over 3.02 lakh shares at the BSE.

The stock turned ex-bonus yesterday with the BSE adjusting the scrip's closing price on Monday (April 19) to Rs 43.40, adjusted for a 1:2 bonus (Monday's actual closing price was Rs 65.10). Ahead of turning ex-bonus, the stock surged sharply as investors lapped up the stock cum-bonus for the purpose of tax shelter.

Investors have been using bonus to take shelter in recent months taking advantage of the loopholes in the Income Tax Act. From a low of Rs 43.65 on March 15, the stock has gained nearly 50 per cent to 65.10 on April 19, the last time the stock traded cum-bonus.