Munjal Auto Industries surged over 10% in the morning trades to Rs.110 just Rs.8 short of its 52-week high of Rs.117.80.

The market is thrilled after the company announced that its Board will be meeting on 22^nd May to consider issue of bonus shares.

The same day, the company will also declare its Q4 and FY17 numbers.

In the past one month alone, over 12 companies have declared bonus. As per a report put by Business Standard, many companies like ICICI Bank, Petronet LNG, Godrej Consumer Products, Biocon and Wipro have announced bonus issues. In May alone, as many as six companies rewarded their shareholders via this route.