Insecticides spurts into green

Insecticides India is making some bountiful gains today morning after it announced sharing its rich harvest with its shareholders. The company, in a surprise move, announced a 1:2 bonus - one bonus share of Rs.10 each for every two shares held in the company. The record date has been fixed on 17th April’15 and Bonus shares shall be issued to the shareholders, whose name will be appeared in the register of members as on record date.

The company as at end of FY14 had reserves of Rs.233 crore and equity capital was at Rs.12.68 crore. For Q3FY15, the company posted a 23% rise in net profit at Rs.8 crore though total income fell 22% at Rs.149 crore. A major reduction in operating costs, from Rs.173 crore to Rs.131 crore led to this jump in bottomline despite fall in topline.

The stock is currently up over 7% at Rs.784 and this is closer to its intra day high of Rs.789.