Aarti Drugs share hits all-time high after board approves bonus issue

Share price of Aarti Drugs touched fresh all-time high today after the board cleared issuing of three bonus equity shares for every one fully paid-up equity share. Aarti Drugs  share price rose 20% intra day to Rs 2,892.75 against previous close of Rs 2410 on BSE. Later, the share closed 17.76% or Rs 428 higher at Rs 2,838.

In last four days, the share has gained 34.33% on BSE.

Aarti Drugs share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The large cap share has gained 521.75% in one year and risen 390% since the beginning of this year. In a month, the share has climbed 95.32%.

The scrip opened at Rs 2,419.80 and touched a low of Rs 2,408  during today's session. Total 1.88 lakh shares of the firm changed hands amounting to turnover of Rs 50.98 crore. Market cap of the firm rose to Rs 6,614 crore on BSE. On March 19, the share touched 52 week low of Rs 422.

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"The Board of Directors has approved the following subject to the approval of the Shareholders: a) Increase in the authorized share capital of the Company from Rs25,00,00,000/- to Rs. 120,00,00,000/- by creation of additional 9,50,00,000 Equity Shares of Rs10 each. b) the issuance of fully paid up Bonus Share in the ratio of 3:1, " the company said.

The drugs firm will intimate the record date for determining eligible shareholders entitled to receive bonus shares in due course, it said in the filing.

Yash Gupta, Equity Research Associate, Angel Broking said, "After the bonus issue, the number of shares will increase from 2.33 Crores to 9.32 Crores. This is a positive development for Aarti Drugs."

Meanwhile, Indian equity market snapped three days of consecutive gains and ended in red amid weak global cues. Sensex closed 394 points lower at 38,220 and Nifty fell 96 points to 11,312.

Share Market Highlights: Sensex ends 394 points lower, Nifty at 11,312; Axis Bank, ICICI Bank top laggards