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Sundaram Finance Ltd sprang a surprise today announcing a bonus issue in the ratio of 1: 1. The stock surged to a 52-week high after the announcement.
In a notification to the stock exchanges, the company said its board of directors recommended bonus issue in the ratio of one equity share for every equity share held by them.
The stock surged to its 52 week high of Rs 896 before marginally declining to Rs 892.50, a gain of Rs 66.20 or 8.01 per cent on the BSE. The stock has more than doubled in the last one year after hitting a 52-week low of Rs 420 on December 30 last year.
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