Aarti Drugs share price surges 18% in 2 days, hits new 52-week high after Board approves issuance of bonus shares

The Board of Directors have approved the issuance of fully paid-up bonus shares in the ratio of 3:1

Aarti Drugs share price jumped over 6 percent, surging over 18 percent in the last two days after the Board of Directors approved the issuance of fully paid-up bonus share.

The Board of Directors at its Meeting held on August 20, 2020, have approved the issuance of fully paid-up bonus shares in the ratio of 3:1 i.e. 3 (Three) bonus equity shares of Rs 10 each for 1 (One) fully paid-up equity share of Rs 10 each, the company said in an exchange filing.

The company will intimate the “Record Date” for determining eligible Shareholders entitled to receive Bonus Shares in due course, it added.

The stock was trading at Rs 3,018.50, up Rs 179.60, or 6.33 percent at 09:53 hours. It has touched a 52-week high of Rs 3,122.75.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities is of the view that one can expect further uptrend up to Rs 2,800-3,000 as long as it trades above Rs 2,000 levels. However, a close below the said levels, would push traders to exit out from their trading long positions.

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