03 Dec , 2021 By : Kanchan Joshi
Shares of Apollo Pipes surged on the BSE in Friday's opening deals as the stock traded ex-bonus ahead of its record date on Saturday. The company has fixed December 4 as record date for the purpose of finding out eligibility of shareholders entitled for issuance of bonus equity shares.
On October 22, Apollo Pipes, along with announcing its quarterly earnings, had also announced a bonus issue of equity shares in the proportion of 2:1, that is for every one share a person holds, he/she will get two additional shares in the company.
A company usually issues bonus shares for their shareholders in order to increase the liquidity of the stock as well as with the aim to decrease its stock price to make it affordable for investors. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
APL Apollo Pipes is a top leading PVC pipe manufacturers in India. The company's net profit rose to Rs14 crore during the September quarter as compared to Rs9 crore in the year-ago quarter. Meanwhile, revenue from operations came in at Rs208 crore in the reporting period. It was Rs123 crore in the last year period.
0 Comment