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Shares in J K Tyre and Industries has soared 15% to Rs 160, extending its previous day’s rally, after the stock turned ex-stock split on Thursday.
The stock opened at Rs 145 and touched a new high of Rs 163 on NSE. A combined 5.45 million shares changed hands on the counter till 0938 hours on NSE and BSE.
In past two trading sessions the stock zoomed 38% from Rs 118 (adjusted to stock split) on December 17, 2014.
The company had sub-divided the face value of their equity shares to Rs 2 from Rs 10, i.e. in the ratio of 5:1.
The board of directors of the tyre company, on September 25, had approved sub-division of one equity share of the face value of Rs 10 each into five equity shares of face value of Rs 2 each.
Stock split or sub-division of equity shares is done to infuse liquidity and to make shares affordable for retail investors who could not invest earlier because of the high stock price.
The stock opened at Rs 145 and touched a new high of Rs 163 on NSE. A combined 5.45 million shares changed hands on the counter till 0938 hours on NSE and BSE.
In past two trading sessions the stock zoomed 38% from Rs 118 (adjusted to stock split) on December 17, 2014.
The company had sub-divided the face value of their equity shares to Rs 2 from Rs 10, i.e. in the ratio of 5:1.
The board of directors of the tyre company, on September 25, had approved sub-division of one equity share of the face value of Rs 10 each into five equity shares of face value of Rs 2 each.
Stock split or sub-division of equity shares is done to infuse liquidity and to make shares affordable for retail investors who could not invest earlier because of the high stock price.
