Birla Kenna: Surging

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The stock has appreciated 19 per cent to Rs 280.60 during the week. The Yash Birla-promoted company is planning to sub-divide paid-up value of equity shares from the exiting Rs 10 to Rs 2 each.

The board of directors of the company will meet on August 22 to consider and approve the sub-division of equity shares.

The company has entered into an agreement with Kennametal Inc, USA, for supply of its products to the US frim and its subsidiaries worldwide for a period of five years.

The agreement follows Yash Birla Group's buying Kennametal's stake in Birla Kennametal. The joint venture agreement between Kennametal Inc and Birla International, a Yash Birla Group company, also comes to an end after the acquisition.

The company has reported 23 per cent rise in net profit to Rs 145.83 crore (Rs 118.31 crore) and 42 per cent jump in net sales to Rs 692.25 crore (Rs 486.48 crore) for the quarter-ended June 2007.