GAIL: Spurts 4% on approval for bonus shares

DALAL STREET SPIKES

GAIL India’s stock rose by 3.7 per cent to close at Rs 420.55 as the company’s shareholders at a meeting, on Thursday, approved the issue of bonus shares (one share for every two shares held), the announcement for which was made in June.

The company also set the record date for receiving bonus shares as October 7, 2008. The average volumes at the counter increased sharply to 12.69 lakh shares as compared with average daily volume of 3.33 lakh shares in the last two weeks. The stock’s 52-week high is Rs 555.