Shrenuj & Co sparkles bright
Shrenuj &Co has hit a new 52-week high today morning at Rs.137, with the stock continuing to shone bright, up over 10%.
The company declared a 1:1 bonus on 23rd May, Friday after market closure and the market is reacting to this news now. Also it declared a final Dividend for the financial year ended March 31, 2014, @ 60 paise per equity share of Rs. 2.00 each on the Equity Shares pre-bonus. While recommending the issue of Bonus Equity shares in the ratio 1:1, the Board decided that if the Bonus Equity Shares are issued prior to payment of dividend, the dividend post issue of Bonus Equity Shares would be 30 paise per equity shares of Rs. 2.00 each instead of @60 paise per equity share of Rs. 2.00 each.
The financial performance of the company, which was declared on the same day, was no great shakes though. Its consolidated net profit for the quarter at Rs.27 crore, down 10% (YoY) and sequentially up 28%. It ended FY14 with a net profit at Rs.90 crore, up 23%. Its equity capital which now stands at Rs.19.29 crore, post the bonus will double up to 38.58 crore.