Gujarat NRE Coke up on bonus issue

DALAL STREET SPIKES

The Gujarat NRE Coke stock hit an all-time high of Rs 121.50 on the Bombay Stock Exchange (BSE) on Tuesday after the company announced an 1:1 bonus.

The stock ended with a marginal gain of 0.25 per cent to close at Rs 117.50 as against its previous close of Rs 117.10. In intra-day deals, the stock had hit a low of Rs 108.80, before recovering after the bonus announcement.

The counter witnessed an impressive volume of more than 20 lakh shares on the BSE. The scrip has been in the limelight of late ever since the company announced on October 28, 2004, that its board would consider a bonus issue.

From Rs 96.35 on October 27, 2004, the scrip jumped up 21.6 per cent to Tuesday's close of Rs 117.70. Gujarat NRE Coke is one of the largest manufacturers of low-ash metallurgical grade coke in India. It has been consistently increasing production capacity to meet rising demand.