Berger Paints Shares Skyrocket 5% Ahead Of Record Date For Issuance Of Bonus Shares In 1:5

Berger paints shares surged as high as 5.13% at Rs 659.50 per share at 10:55 am IST on Friday (September 22) as the stock was trading ex-bonus today.

The share price of Berger Paints opened lower at Rs 627.30 per share on BSE, however as the day passed by the company's shares gained momentum and hit an intraday high of Rs 643.50 per share mark.

The company's shares grabbed attention as the record date for issuance of bonus shares is tomorrow (September 22).

In an exchange filing on September 12, the Company fixed September 23, 2023, as the "RECORD DATE", for the purpose of ascertaining the eligibility of shareholders entitled for issue of Bonus Equity Shares of the Company in the ratio of 1:5, i.e., 1 (One) Equity Share of Re 1/- each for every 5 (Five) Equity ' Shares of Re. 1/- each. The issuance of bonus shares in 1:5 ratio was recommended by the Board of Directors of the Company vide its meeting held on August 9, 2023. For this, the company obtained the approval of the shareholders through a postal ballot on September 8, 2023.

The company's revenue from operations for the quarter ended June 30, 2023, grew 9.8% at Rs. 3,029.51 crores as against Rs. 2,759.70 crores in the corresponding quarter of the last year. During this period, Net profit (after share of profit/loss of associates and joint ventures) was Rs. 354.91 crores as against Rs. 253.71 crores in the corresponding quarter of the last year, representing an increase of 39.9% over the corresponding quarter of last year.