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Shares of Wheels India gained around 10 percent in the morning trade on Wednesday as investors cheered the news of bonus issue in the offing.
The company, in a filing to the exchanges, said that a Board meeting is scheduled for Friday, June 22, 2018.
“We hereby give prior intimation that the Board of Directors of the firm may consider bonus shares in the aforesaid meeting,” the company said in the statement which was filed with the bourses.
The company was in the news recently after it registered a 12.7 percent rise in the fourth quarter net profits ending March 31, 2018 to Rs 19.5 crore.
The city-based TVS Group company recorded net profits of Rs 17.3 crore in the corresponding quarter last year. Net profits for FY17-18 went upto Rs 71.8 crore, up by 23 percent from Rs 58.4 crore registered a year ago.
Revenue for the quarter under review went up by 26.6 percent to Rs 705 crore from Rs 557.7 crore recorded during the previous quarter, including net excise duty. For FY2017-18, revenue grew to Rs 2,469.5 crore, up by 13.4 percent from Rs 2,176.1 crore registered a year ago.
The stock is up 30 percent higher in the past one month, while it gained 26 percent in the past three days. At 09:50 hrs Wheels India was quoting at Rs 2,579.90, up Rs 162.60, or 6.73 percent, on the BSE. It touched a 52-week high of Rs 2,654.00.
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