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Shares of VA Tech Wabag jumped sharply after the company's board approved 1:1 bonus shares on Saturday. The stock opened three per cent higher at Rs 1,560 on the BSE.
"The board also proposed to alter the Capital Clause of the Memorandum of Association by re-classifying the existing preference share capital of the company into equity share capital," the company informed the exchanges on Saturday .
This would be the maiden bonus issue from the company, since its listing.
For the quarter ended December 2014, the company reported a net profit of Rs 17.67 crore and revenues of Rs 296.03 crore.
For fiscal ended 2014, it reported net profits of Rs 88.58 crore on revenues of Rs 1,152 crore.
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