Kothari Products locked at new high

Kothari Products hit a new 52-week high today at Rs.465.35, breaching the 20% upper circuit. Volumes rose by a jaw dropping 14.23 times.

The stock hit the roof today after its Board yesterday recommended the issue of Bonus Shares in the ratio of 2 bonus shares for every one held. The record date for the issue of Bonus Shares to the shareholders will be fixed after the approval of the issue of bonus shares by shareholders of the company.

The bonus has been on the back of a very good performance of the company for Q3FY14 where it reported a 7-times jump in net profit at Rs.66 crore on a 1.5% rise in total income and 4% decline in operating costs.