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Wednesday, April 14, 2021

Aarti Drugs approves 3:1 bonus issue, shares jump 16% to record high

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Mumbai: Aarti Drugs approved bonus share issue in 3:1 ratio on Thursday, sending its shares soaring as much as 15.7 per cent to an all time high of Rs 2,790.

At 2:20 pm, the shares pared some gains, and were trading 15.2 per cent higher at Rs 2,777.15 on the BSE, while benchmark Sensex dropped 1 per cent to 38,225.

The company, which manufactures bulk drugs and chemicals, said on Monday its board will meet later this week to consider a proposal for issue of bonus shares.

The company has delivered a stellar set of numbers for the June quarter, even as Covid-19 pandemic disrupted economic activity across the globe.

Aarti Drug’s net profit rose 281 per cent to Rs 85.45 crore in the quarter ended June while sales rose 34 per cent to Rs 544.67 crore in the quarter from a year ago.

The stock has seen a fantastic run, with its stock jumping 373 per cent for the year to date, taking the gains for the last decade to 3,808 per cent.

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