Balkrishna Industries hit
a record high of Rs 1,974, up 8%, extending its Thursday’s 2% gain on
the BSE in an otherwise subdued market after the board recommended 1:1
bonus share.
“The board has recommended for issue of bonus shares to the members of the company by capitalization of free reserves in the ratio of 1 (one) bonus equity share of Rs 2 each fully paid up for every 1 (one) existing equity share of Rs 2 each fully paid up (i.e. in the ratio 1:1),” Balkrishna Industries said in a statement.
The board also declared 2nd interim dividend of
“The board has recommended for issue of bonus shares to the members of the company by capitalization of free reserves in the ratio of 1 (one) bonus equity share of Rs 2 each fully paid up for every 1 (one) existing equity share of Rs 2 each fully paid up (i.e. in the ratio 1:1),” Balkrishna Industries said in a statement.
The board also declared 2nd interim dividend of
Rs 2.50 per equity
share in addition to Rs 2.50 per equity share declared in Q1FY18.
Balkrishna Industries reported a better-than-expected net profit at Rs 203 and revenue of Rs 1,114 crore for the quarter ended September 2017 (Q2FY18). The company has recorded highest ever quarterly volume at 49,331 MT, a growth of 15.9% YoY, against analyst estimate of 11%.
“The management has raised both lower and upper end of volume guidance by 5K MT to 190-195k MT for FY18e, implying a quarterly run-rate of around 49,700 MT/quarter in 2HFY18 at upper end of guidance. Foray into newer geographies, new product launches and superior after-sales services are expected to be triggers for BIL as it is continuing to outpace global OTR market growth of around 6%,” analysts at Antique Stock Broking said in result review.
At 12:02 PM; the stock was trading 6% higher at Rs 1,938 on the BSE, as compared to 0.05% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 354,318 shares changed hands on the BSE and NSE.
Next Read : Vakrangee to consider bonus issue and q2 results
Balkrishna Industries reported a better-than-expected net profit at Rs 203 and revenue of Rs 1,114 crore for the quarter ended September 2017 (Q2FY18). The company has recorded highest ever quarterly volume at 49,331 MT, a growth of 15.9% YoY, against analyst estimate of 11%.
“The management has raised both lower and upper end of volume guidance by 5K MT to 190-195k MT for FY18e, implying a quarterly run-rate of around 49,700 MT/quarter in 2HFY18 at upper end of guidance. Foray into newer geographies, new product launches and superior after-sales services are expected to be triggers for BIL as it is continuing to outpace global OTR market growth of around 6%,” analysts at Antique Stock Broking said in result review.
At 12:02 PM; the stock was trading 6% higher at Rs 1,938 on the BSE, as compared to 0.05% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 354,318 shares changed hands on the BSE and NSE.
Next Read : Vakrangee to consider bonus issue and q2 results
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