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Balmer Lawrie shares down 7% after board defers bonus issue

Balmer Lawrie in a notice to exchanges stated, "the Board at its Meeting dated September 17, 2019, considered the item pertaining to the recommendation of bonus shares and deferred the same."

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Balmer Lawrie shares down 7% after board defers bonus issue
For FY19, Balmer Lawrie had posted a profit of Rs 188.50 crore on revenues of Rs 1,775.20 crore.

Balmer Lawrie fell nearly 7% on both the exchanges after the company announced in its regulatory filing that its board has deferred the decision on a bonus share issue.

With a trend reversal after 5 days of consecutive gain, the stock price of Balmer Lawrie formed a gap down chart pattern at the opening bell and fell 4.07% to open at Rs 172.85, also its intraday high, against the last closing of Rs 180.20. So far today, the stock has plunged 6.77% lower to the day's low of Rs 168 on BSE. This is the company's biggest decline in nearly a year's period.

Balmer Lawrie in a notice to exchanges stated, "the Board at its Meeting dated September 17, 2019, considered the item pertaining to the recommendation of bonus shares and deferred the same."

The PSU stock with a face value of Rs 10 has moved below its 30, 50 and 150-day simple moving average today and already trades lower than its 200 day moving averages. The value of the share has fallen over 1% in the last month and nearly 10% half-yearly. The shares of the company have declined 16.7% over this year.

For FY19, Balmer Lawrie had posted a profit of Rs 188.50 crore on revenues of Rs 1,775.20 crore.

Currently, Balmer Lawrie is trading 5.94% lower at Rs 169.50 on BSE, with 0.32 lakhs hares changing hands, indicating that the volume traded today is higher than its 5, 10 and 30-day average volume recorded for the stock.

By Rupa Burman Roy

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