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  1. 8K Miles Software to consider stock split, bonus issue; shares surge over 13%

8K Miles Software to consider stock split, bonus issue; shares surge over 13%

8K Miles Software Services shares surged over 10 per cent on Friday after the company informed bourses that the board will consider splitting of equity shares

By: | Updated: August 5, 2016 4:43 PM
bse sensex nse nifty 8K miles software 8K Miles Software Services shares surged over 10 per cent on Friday after the company informed bourses that the board will consider splitting of equity shares (Photo: PTI)

8K Miles Software Services shares surged over 13 per cent on Friday after the company informed bourses that the board will meet later this month to consider splitting of equity shares and issue of bonus shares to the shareholders of the company. At 3 pm, shares of the company were trading 13.80 per cent to Rs 2,074. The scrip opened the day at Rs 1815.35 and has touched a high and low of Rs 2100.70 and Rs 1815.35, respectively, in trade so far. Benchmark BSE Sensex was trading 318.38 points up at 28033.89.

In a BSE filing, 8K Miles Software said, “A meeting of the board of directors of the company will be held on August 24, 2016, to consider sub-division of equity Shares and issue of bonus Shares to the shareholders of the company. The company will also consider alteration of respective clauses of the Memorandum of Association of the company in connection with the aforesaid agendas.”

For the quarter ended June 30, 2016, the company reported a consolidated net profit of Rs 19.33 crore for the quarter ended June 30, 2016 against Rs 7.22 crore in the corresponding quarter a year ago. Gross sales of the company jumped by 105.44 per cent to Rs 103.87 crore in April-June period against Rs 50.56 crore in the same quarter last year.

Later, the share price of the company closed 13.44 per cent up at Rs 2,068.60.

In the past one year, the share price of 8K Miles surged 107.50 per cent to Rs 1823.45 till August 4 2016. The scrip was trading at Rs 878.75 on the same day last year. Sensex fell 1.27 per cent during the same period.

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