Insecticides (India) soars on 1:2 bonus issue

The stock rallied 12% to Rs 867 on BSE on back of heavy volumes.

Insecticides (India) has soared 12% to Rs 867 on BSE after the board recommends the issue of bonus shares in the proportion of 1 bonus equity share for every 2 equity shares each held.

Meanwhile, the agrochemicals company reported a strong 66% year-on-year (yoy) growth in net profit at Rs 22.93 crore for the quarter ended September 2014. Net sales grew 18% to Rs 402 crore on yoy basis.

The stock opened at Rs 790 and hit a record high of Rs 889 on BSE. The trading volumes on the counter surged an over ten-fold with a combined 1.32 million shares changed hands till 1425 hours on BSE and NSE.