Muthoot Capital Services rebounds 25% on bonus issue plan

The stock moved higher by 17% to Rs 431, bouncing back 25% from intra-day's low of Rs 344 on NSE.

Muthoot Capital Services has moved higher by 17% to Rs 431, bouncing back 25% from intra-day’s low of Rs 344 on the National Stock Exchange (NSE), after the company said its board will meet on April 18 to consider a maiden bonus issue. On Tuesday, the stock ended 20% higher at Rs 369 on the NSE.

“The board of directors of Muthoot Capital Services will consider an issue of bonus shares to its members at their meeting to be held on Tuesday, 18th April, 2017,” the company said in a regulatory filing.

The stock of finance company was trading at its record high, rallied 100% thus far in the calendar year 2017. On comparison, the Nifty 50 index was up 11% during the period.

At 10:47 am; it was up 13% at Rs 416 on the NSE against 0.56% decline in the benchmark index. The trading volumes on the counter jumped multiple folds with a combined 1.06 million shares changed hands on BSE and NSE so far.