Trading firm MMTC Ltd on Tuesday announced a bonanza for its shareholders in the form of a dividend and bonus shares as well as splitting of stocks. The board of directors has recommended payment of a dividend of 90% on every share of the face value of Rs 10 for 2009-10, MMTC said in a filing with the Bombay Stock Exchange. In addition, the board has also approved the issue of bonus shares in the ratio of 1:1 to the existing equity holders of the company. MMTC's board has proposed to split the company's shares in the ratio of 1:10, implying that shareholders wouldget 10 equity shares at a face value Rs 1 each for every share of the face value of Rs 10 currently held b them.
Abbott India Q2 net down 20%
Drug maker Abbott India on Tuesday reported a net profit of Rs 14.07 crore for the quarter ended May 31, 2010, a decline of 19.9% compared to the year-ago period when it had reported a net profit of Rs 17.58 crore. Abbott said in a statement that during the quarter under consideration, net sales rose to Rs 224 crore, a growth of 15% compared with Rs 193.82 crore in the same quarter last year. The company follows a December-November fiscal year. Abott shares closed at Rs 1,160.75 on the BSE, up 4.62%, on a day when the benchmark Sensex lost more than 240 points.
Subhkam Ventures investment
Subhkam Growth Fund-I, the maiden domestic fund from Subhkam Ventures, has made an undisclosed investment in IRIS Business Services. The investment is being made through two rounds of capital infusion. The first tranche will give Subhkam Growth Fund around 15% holding.