Shares of GM Breweries were up over 3% at Rs 1,060 on the Bombay Stock Exchange after the company reported strong earnings for the fourth quarter ended March 31, 2016.
The company reported 204% growth in net profit at Rs 1,742 crore for the quarter ended March 31, 2016 compared with Rs 572 crore in the same quarter last fiscal.
Total income for the quarter was higher by 18% at Rs 9,172 crore compared with Rs 7,792 crore in the quarter ended March 31, 2015.
Further, the company's board of directors at its meeting held on April 5, 2016 has recommended a bonus issue of shares in the ratio of one share of Rs 10 each for every four share of Rs 10/- each held. The board has also proposed a dividend of Rs 2.50 per equity share of face value of Rs 10 each subject to approval of the shareholders.
The stock opened at Rs 1,098 and touched a high of Rs 1,150. At 10:40am, over 256,000 shares were traded on both the stock exchanges.
