Borosil Glass is seeing a sparkling session today, with investors lapping up the stock following announced turnaround results and approved a stock split.
The stock, which rose to a new high at Rs 8300 earlier this afternoon, is currently at Rs 8135, up 10.3% from its previous closing price.
The Borosil Glass Works counter on BSE has clocked a volume of around 22,000 shares in today's session, more than 8 times the average daily volume of around 2700 shares that the counter had witnessed in the last two weeks.
The company has announced today that its board of directors has approved split of equity shares of the Company from Rs 10 per share to Re 1 per share. Th board has also recommended dividend of Rs 25 per equity share of Rs 10 each for the financial year 2016-17.
Over the past few years, several companies have brougth down the nominal face value of their equity shares by going in for a stock split, in order to facilitate affordability of the company’s shares for investors at large and to enhance the liquidity of the company’s equity shares in the stock market.
Promoters hold nearly 75% of Borosil Glass Works shares. The company's equity capital is Rs 2.31 crore.
Borosil Glass Works, which is engaged in houseware business, reported standalone net profit of Rs 8.92 crore for the quarter ended March 2017, as compared to net loss of Rs 6.51 crore in the year-ago quarter.
