Hindustan Composite is gaining in trade, being up by over 12% or Rs 198 per share as the company has informed the Exchange about its bonus issue and stock split plan. The company has scheduled a meeting on April 10, 2017 to consider and approve further issue of shares by way of bonus.
The meeting will also involve discussion on the subdivision of face value of equity shares of the company. The stock has opened at Rs 1800 per share, and touched a high of Rs 1908 per share. The stock split is mainly done in order to improve liquidity of the instrument in the stock market.
BSE Auto index is also gaining in trade, being up by 124 points or 0.57% at 21954 levels. Hindustan Composites Limited is engaged in the manufacturing and marketing of fibre-based friction materials.