Nitin Fire Protection at new high on 5:2 bonus issue

Nitin Fire Protection Industries has rallied 8% at Rs 143 after the board of directors’ recommended liberal bonus issue in the ratio of 5 bonus shares for every 2 existing fully paid up equity shares.

Meanwhile, the company has reported more than doubled net profit at Rs 23.6 crore for the quarter ended June 2011, as compared to Rs 9.63 crore in previous year quarter. Net sales grew 79% at Rs 161 crore on y-o-y.

The stock hit an all-time high of Rs 145 after opening at Rs 132 on the NSE. A combined 1.69 million shares have changed hands on the counter till late noon deals.