Tide Water Oil (India) surged 11.36% to Rs 23,160 at 14:28 IST on BSE, with the stock extending Tuesday's rally triggered by the company mulling declaration of bonus issue and stock-split proposals at its board meeting to be held on 15 January 2016.
Meanwhile, the S&P BSE Sensex was up 240.28 points or 0.94% at 25,830.93.
On BSE, so far 10,000 shares were traded in the counter as against average daily volume of 330 shares in the past one quarter.
The stock hit a high of Rs 24,500 so far during the day, which is also its record high for the counter. The stock hit a low of Rs 22,100 so far during the day. The stock had hit a 52-week low of Rs 12,251 on 23 March 2015.
The stock had outperformed the market over the past one month till 22 December 2015, surging 22.23% compared with Sensex's 1.07% fall. The scrip had also outperformed the market in past one quarter, advancing 22.01% as against Sensex's 0.24% fall.
The small-cap company has equity capital of Rs 0.87 crore. Face value per share is Rs 10.
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Shares of Tide Water Oil (India) have rallied 33.62% in two trading sessions from a recent low of Rs 17,332 on 21 December 2015, after the company announced after market hours on 21 December 2015 that its board of directors will meet on 15 January 2016, to consider declaration of bonus issue and stock split for the shareholders. The stock had rallied by the maximum permissible level of 20% to settle at Rs 20,798 yesterday, 22 December 2015.
Tide Water Oil (India)'s net profit fell 79% to Rs 20.17 crore on 0.9% decline in net sales to Rs 227.37 crore in Q2 September 2015 over Q2 September 2014.
Tide Water Oil is one of the leading players in the Indian lubricant industry. It manufactures and markets Veedol brand of lubricants.
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