 "Grindwell Norton surges on 1:1 bonus issue")
Grindwell Norton has rallied 14% to Rs 721 on the BSE in an otherwise weak market after the company’s board recommended bonus equity shares in the ratio of 1:1, i.e. one equity share of Rs 5 each for every equity share of Rs 5 each held by the shareholders.
The company reported 12% year on year (YoY) growth in consolidated net profit at Rs 31 crore for the quarter ended March 2016 (Q4FY16). Net sales grew 8% at Rs 321 crore on YoY basis.
At 10:24 AM, the stock was up 11% at Rs 703 on the BSE compared to 0.25% fall in the S&P BSE Sensex. A combined 33,685 shares changed hands on the counter on the NSE and BSE so far.
The company reported 12% year on year (YoY) growth in consolidated net profit at Rs 31 crore for the quarter ended March 2016 (Q4FY16). Net sales grew 8% at Rs 321 crore on YoY basis.
At 10:24 AM, the stock was up 11% at Rs 703 on the BSE compared to 0.25% fall in the S&P BSE Sensex. A combined 33,685 shares changed hands on the counter on the NSE and BSE so far.