Elgi Equipments gains on bonus issue, strong Q2 results

Mumbai : Elgi Equipments is trading 6% higher at Rs 183 after the company's board of directors recommended a 1:1 bonus issue to the existing shareholders.Meanwhile, the company reported strong 75% jump in net profit to Rs 30.25 crore for the quarter ended September 2010 compared to Rs 17.28 crore in the same quarter of the previous fiscal. Net sales grew 55% to Rs 249 crore (Rs 161 crore) on a y-o-y basis.

The stock of Elgi Equipments opened at Rs 178 and touched a high of Rs 186 on the BSE. Around 36,000 shares have changed hands on the counter so far.