Pokarna surges 10% on stock split plan

In past six months, the stock zoomed 73% as compared to 6% rise in the S&P BSE Sensex.

Pokarna surged 10% to Rs 1,570, also its record high on BSE in intra-day trade, after the company said the board will meet on May 8, to consider sub division of face value of equity shares.

“Meeting of the board of directors of the company is scheduled to be held on May, 08th 2017, Monday, consider sub-division (stock-split) of the present value of the equity shares of Rs 10 each into smaller denomination,” Pokarna said in a BSE filing.

The board will also consider the audited standalone and consolidated financial results of the company for the year ended March, 31, 2017, and the recommendation of dividend, if any, it added.

The stock split is generally done to improve liquidity of the shares in the stock markets as also to make them affordable to the small investors.

In past six months, the stock of construction materials Company zoomed 73% as compared to 6% rise in the S&P BSE Sensex.

At 11:10 am; it was up 8.7% at Rs 1,546 against 0.58% gain in the benchmark index. Around 22,000 shares have already changed hands so far against an average sub 10,000 shares that were traded daily in past two weeks on the BSE.