Atul Auto has soared 16% to Rs 179, its lifetime high market price on back of huge volumes. As many as 68,000 shares have changed hands on the counter so far against an average 29,000 shares that were traded daily in past two weeks on the Bombay Stock Exchange.
The stock has rallied 32% after the company announced that its board will consider an issue of bonus shares on May 9, 2012.
The board of directors of three-wheelers maker as its meeting held on May 12, has recommended the issue & allotment of bonus shares in ratio of one equity share for every two shares held in the company subject to approval of members in the ensuing Annual General Meeting (AGM).
The board also recommended a final dividend @ Rs 5/- per share or 50% on paid up share capital of the company. The company not yet declares the date of AGM.
The company had reported a 64% year-on-on growth in its net profit at Rs 15.50 crore on back of 48% jump in net sales at Rs 299 crore for the fiscal 2012 over the previous year. Operating profit was up by about 40% at Rs 28.06 during the fiscal.