Sesa Goa rises on bonus announcement

DALAL STREET SPIKES

Liberal bonus arrangement sent Sesa Goa soaring. The stock was up 4.75 per cent to Rs 986 with volumes accounting for more than 4.9 lakh shares on BSE alone.

The stock in intra-day trades hit a new high of Rs 1,038 on back of aggressive fund-based buying. The company on Monday announced the issue of bonus shares in the ratio of 1:1 (one bonus share for each share held). The company's board also declared a dividend of Rs 5 per share and the record date for the purpose has been fixed on January 7, 2005.

The stock has been on a upside of late. From a low of Rs 792 on December 6, the stock has appreciated more than 42.3 per cent to Monday's intra-day high of Rs 1,038. Following the bonus announcement, the equity would go up to Rs 39.36 crore.