Balmer Lawrie and Company up 13% on bonus shares approval

Moneycontrol BureauShares of Balmer Lawrie and Company touched 52-week high of Rs 887.95, advances 12.7 percent intraday Friday as it has approved bonus shares issue.The company at its meeting held on November 10, has approved the recommendation for issue of bonus shares in the proportion of 3 new equity bonus shares for every 1 existing equity share held by the shareholders.The company's Q2 net profit was up 5.3 percent at Rs 27.6 crore versus Rs 26.2 crore, in the same quarter last fiscal.EBITDA was up at Rs 38.8 crore and EBITDA margin was at 9.1 percent.At 09:25 hrs Balmer Lawrie and Company was quoting at Rs 846, up Rs 58.10, or 7.37 percent on the BSE.Posted by Rakesh Patil