2 min read
Journalism of Courage
Premium
This is an archive article published on February 6, 1998
SmithKline Pharma plans bonus issue
MUMBAI, FEB 5: The board of SmithKline Beecham Pharmaceuticals Ltd will consider an issue of bonus shares and dividend at a meeting schedule...
MUMBAI, FEB 5: The board of SmithKline Beecham Pharmaceuticals Ltd will consider an issue of bonus shares and dividend at a meeting scheduled for February 18. The board will also consider the company8217;s annual accounts.
The news saw the SmithKline scrip rise by over 9 per cent to touch an intra-day high of Rs 622.25 on the BSE. However, according to sources, profit booking at the higher levels by institutional operators saw the stock close at Rs 608 registering a gain of 7.16 per cent over Wednesday8217;s close.On the NSE, the scrip touched an intra-day high of Rs 625.80 before closing at Rs 608.80, with a huge volume of 96,000 shares.
A Reuters report quoted brokers saying that an intimation of the board meeting was flashed on trading terminals of the NSE at 10:42 local time 05:12 GMT. Analysts here said that the bonus proposal indicates that the company8217;s trend of registering a good performance in the first half of the year continues mainly due to the success of antibiotic brand Augmentin and newgeneration hepatitis vaccine brand, Engerix.
Analysts expect the bonus to be better than the company8217;s existing record and added that the company was growing at about 28-30 per cent, among the highest growth rates in the industry. Sister concern SmithKline Beecham Consumer Healthcare SBCH had, in March last year, declared a 3:5 bonus issue.
Given the proposed merger with Glaxo-Wellcome globally, analysts added that even if the company declared a one is to one bonus, its earnings per share would be higher than Glaxo India.
Advertisement
Loading Taboola...
Live Blog
PHOTOS
Top Stories
Advertisement
Must Read
Advertisement
Buzzing Now
- 01
- 02
- 03
- 04
- 05
Advertisement