Bhageria Industries surges 17% on maiden bonus issue plan

The board of directors of commodity chemicals company is scheduled to meet on May 29 to consider the proposal for issue of bonus shares.

Bhageria Industries shares surged 17 per cent to Rs 274 in intra-day trade on the BSE after the company announced maiden bonus issue plan.

“The board of directors of commodity chemicals company is scheduled to meet on May 29, 2019 to consider the proposal for issue of bonus shares”, Bhageria Industries said in a regulatory filing.

The board will also consider and approve audited financial results of the Company for the quarter/year ended March 31, 2019, and to recommend final dividend, if any, it said.

In the calendar year 2019 thus far, the stock had underperformed the market by falling 18 per cent, as compared to an 8 per cent rise in the S&P BSE Sensex till Tuesday.

After reporting an over 150 per cent growth in previous two quarters, Bhageria Industries had posted a single digit growth in net profit at Rs 15.10 crore in October-December (Q3FY19) quarter.

At 11:56 am, the stock was quoting 15 per cent higher at Rs 268 on the BSE, against 0.23 per cent rise in the benchmark index. A combined 55,847 shares changed hands on the counter on the BSE and NSE so far.