Natco Pharma has surged 16% to Rs 598, also its record high on the BSE, after the stock turned ex-stock split today in the ratio of 1:5.
The company has fixed record date as November 28, 2015 for the purpose of sub-division of one equity share of face value of Rs 10 each into five equity shares of Rs 2 each.
At 10:22 AM, the stock was up 14% at Rs 587 on the BSE on back of heavy volumes. A combined 533,339 shares have already changed hands on the counter so far against an average 50,000 shares that were traded daily in past two weeks on the BSE and NSE before the stock split.
Meanwhile, three other companies - Avanti Feeds, Associated Stone Industries (Kotah) and Vitan Agro Industries – also turned ex-date for stock split today.
Avanti Feeds (down 1% at Rs 525) too sub-divided its equity shares in the ratio of 1:5. Associated Stone Industries (up 12% at Rs 18.75) approved the stock-split of equity shares from Rs 5 each to Re 1 each, and of Vitan Agro Industries (down 5% at Rs 175) from Rs 10 to Rs 1.