Engineers India Posts 21% Jump In Q2 Profit
New Delhi: State-owned Engineers India Ltd on Wednesday reported a 21 per cent jump in net profit for the September quarter and declared a 1:1 bonus share.
Net profit in July-September rose to Rs. 93.75 crore, as compared to Rs. 77.21 crore in the corresponding period a year ago, the company said in a regulatory filing.
Turnover, however, decreased to Rs. 394.98 crore for the quarter ended September 30, from Rs.510.32 crore in Q2 of last fiscal year.
EIL said its board at its meeting on Wednesday recommended the issue of bonus shares in the proportion of one new equity share of Rs. 5 each for every one existing equity shares of Rs. 5 each fully paid up of the company.
A bonus issue, also known as a scrip issue or a capitalisation issue, is an offer of free additional shares to existing shareholders. A company often distributes such shares as an alternative to increase the dividend payout.
EIL had last issued a 2:1 bonus share in March 2010. A similar ratio bonus share was issued in December 1999 and August 1999.
The government had asked profit making public sector units to issue bonus share, do share split or pay special dividend to help capitalise its holding.
Net profit in July-September rose to Rs. 93.75 crore, as compared to Rs. 77.21 crore in the corresponding period a year ago, the company said in a regulatory filing.
Turnover, however, decreased to Rs. 394.98 crore for the quarter ended September 30, from Rs.510.32 crore in Q2 of last fiscal year.
EIL said its board at its meeting on Wednesday recommended the issue of bonus shares in the proportion of one new equity share of Rs. 5 each for every one existing equity shares of Rs. 5 each fully paid up of the company.
A bonus issue, also known as a scrip issue or a capitalisation issue, is an offer of free additional shares to existing shareholders. A company often distributes such shares as an alternative to increase the dividend payout.
EIL had last issued a 2:1 bonus share in March 2010. A similar ratio bonus share was issued in December 1999 and August 1999.
The government had asked profit making public sector units to issue bonus share, do share split or pay special dividend to help capitalise its holding.
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