Minda Industries soars 10% on 2:1 bonus issue; strong Q4 results

The stock soared 10% to Rs 1,223 on the BSE after the company reported a consolidated net profit at Rs 1.35 billion in March quarter against Rs 560 million in year ago quarter

Minda Industries soared 10% to Rs 1,223 on the BSE after the auto ancillary company said its board recommended bonus shares in the ratio of 2:1.

“The board of directors at their meeting held on Tuesday i.e. 22 May, 2018 has recommended the issue of bonus shares to the shareholders of the company in the ratio of 2 bonus equity shares of Rs 2 each fully paid up for every 1 existing equity share of Rs 2 each fully paid up (in the ratio of 2:1) held by the shareholders as on the record date to be fixed separately,”