Cipla to consider bonus issue; stock soars 10%

Cipla today said that it will consider a proposal for bonus issue of shares. According to a release issued by the company to the BSE, the company's board is scheduled to meet on February 11 to consider the above proposal.

The board will also consider a proposal for further issue of shares in the domestic / international markets, and a possible hike in limit of investment by foreign institutional investors, the release added.

Following the news, the stock zoomed to a high of Rs 496, and is now up 9.7% at Rs 485. The counter has clocked hefty volume of around 8.60 lakh shares on the BSE.