 "Granules India turns ex-stock split")
Shares of Granules India has surged 6% to Rs 91.30 on the BSE in otherwise subdued market after the stock was quoted ex-stock split in the ratio of 10:1 today.
The stock of pharmaceutical company opened at Rs 87.50 and touched a high of Rs 94.90 on the BSE. A combined 1.1 million shares already changed hands till 0935 hours against an average sub 1 million shares that were traded daily in past two weeks on the BSE and NSE.
The board of directors of Granules India at its meeting held on March 07, 2015 had fixed the record date as March 24, 2015 for the purpose of sub-division of each equity share of the face value of Rs 10 into 10 equity shares of face value of Rs 1 each fully paid up.
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.
In past one month, the stock has rallied 16% compared with 2.5% decline in the S&P BSE Sensex.
The stock of pharmaceutical company opened at Rs 87.50 and touched a high of Rs 94.90 on the BSE. A combined 1.1 million shares already changed hands till 0935 hours against an average sub 1 million shares that were traded daily in past two weeks on the BSE and NSE.
The board of directors of Granules India at its meeting held on March 07, 2015 had fixed the record date as March 24, 2015 for the purpose of sub-division of each equity share of the face value of Rs 10 into 10 equity shares of face value of Rs 1 each fully paid up.
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.
In past one month, the stock has rallied 16% compared with 2.5% decline in the S&P BSE Sensex.