Gabriel India has soared 11% to Rs 55.70, also its 52-week high, ahead of shareholders nod for the bonus issue. The board of auto parts and equipment maker had recommended and approved issue of bonus shares in the ratio of one equity share of Re 1 each for every one equity share, subject to the approval of shareholders at the Extra-ordinary General Meeting (EGM) to be held on July 02 in Pune.
The stock has rallied 24% since the board approved bonus issue on May 30 on the Bombay Stock Exchange, compared to 4.3% rise in the benchmark Sensex.
A combined 943,661 shares have already changed hands on the counter in morning deals, as against an average of around 50,000 shares that were traded daily in past two weeks on both the exchanges.