Castrol India has soared 6% to Rs 572 after the company announced that its board will consider issue of bonus shares.
“The board of directors of the company has schedule to meet on July 16, to consider and approve the unaudited results for the quarter ended June 2012, would also recommend issue of bonus shares in such ratio as may be decided,” Castrol India said in a filing.
Oil marketing and distribution firm has equity capital of Rs 247 crore and general reserves of Rs 357 crore as on June 30, 2011. Earlier, in 2010, the company had issued bonus shares in the ratio of 1:1.
The stock opened at Rs 544 and hit a high of Rs 576 on the National Stock Exchange. As many as a combined 971,501 shares have changed hands on the counter till early noon deals, against an average 125,000 shares that were traded daily in past ten trading days on both the exchanges.