Relaxo puts best foot forward

The footwear stocks, Relaxo has hit a new 52-week high today morning at Rs.793, up 12% from Friday’s close of Rs.708. It has since then come off the high but remains at Rs.742 levels, up 5%.

This sudden perk up of interest on the counter is after the company announced today morning a surprise 1:1 bonus. And that’s not all. The company also announced a dividend at the rate of Re 1 per share (100%) of face value of Re 1 each.

Strangely, the company’s Board had met for considering the financial performance of FY15 and Q4 on the same day, 9^th May, when dividend was declared. Yet, nowhere do we get the performance updates. Wonder why this laxity in issuing performance details?