 "Berger Paints gains as stock turns ex-stock split today")
Berger Paints India is trading higher by 4% to Rs 226 on BSE in early morning trade after the stock turned ex-stock split in the ratio of 2:1 today.
Shares having face value of Rs 2 will be divided into two shares of Rs 1 face value.
The company has fixed January 09, 2015 as the record date for the purpose of sub-division of equity shares of face value of Rs 2 into Equity Shares of face value of Re 1 fully paid up, Berger Paints said in a statement.
Stock split or sub-division of equity shares is done to infuse liquidity and to make shares affordable for retail investors who could not invest earlier because of the high stock price.
The stock opened at Rs 224 and touched a high of Rs 229 on BSE so far. A combined 292,524 shares changed hands on the counter in first 10 minutes of trade on BSE and NSE.
Meanwhile, the stock has outperformed the market by gaining 18% after the company announced stock split plan on October 29, 2014. The benchmark S&P BSE Sensex rise 1% during the same period.
Shares having face value of Rs 2 will be divided into two shares of Rs 1 face value.
The company has fixed January 09, 2015 as the record date for the purpose of sub-division of equity shares of face value of Rs 2 into Equity Shares of face value of Re 1 fully paid up, Berger Paints said in a statement.
Stock split or sub-division of equity shares is done to infuse liquidity and to make shares affordable for retail investors who could not invest earlier because of the high stock price.
The stock opened at Rs 224 and touched a high of Rs 229 on BSE so far. A combined 292,524 shares changed hands on the counter in first 10 minutes of trade on BSE and NSE.
Meanwhile, the stock has outperformed the market by gaining 18% after the company announced stock split plan on October 29, 2014. The benchmark S&P BSE Sensex rise 1% during the same period.