Indian Hume Pipe hits record high as board set to consider bonus proposal

Last Updated: Tue, Oct 18, 2016 11:18 hrs
Indian Hume Pipe

Indian Hume Pipe Company Limited shares hit a new all-time high at Rs 803.80 on BSE this morning, after the company said that its board of directors will meet on October 26, to consider a proposal for issuing bonus shares.

At Rs 790, the stock is now up 18% over its previous closing price.

The Indian Hume Pipe counter on the National Stock Exchange has clocked a volume of 2.53 lakh shares so far this morning. On BSE, over 54,000 shares have changed hands so far at the counter, as compared to the average daily volume of less than 4000 shares.

Indian Hume Pipe Company, which is in the business of providing integrated water supply schemes, that includes manufacturing, laying and connecting pipelines of various pipe materials that facilitate development of water supply and irrigation projects, reported a net profit of Rs 26 crore for the quarter ended June 2016, up as much as 312% over its net profit in the corresponding quarter in the previous year. The company's net sales rose almost 111% to Rs 447.07 crore in the first quarter.

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