The Wheels India stock hit its all-time high in Wednesday trade on a proposal to issue bonus shares. At 11:41 am, the stock was trading 6.32% or 152 points higher at Rs 2,570 level on BSE. The stock hit an all-time high of 2,654 in trade today. It opened at 2,487 level compared to its previous close of 2417.30 level on BSE.
On Tuesday, the company after market hours said it would consider a proposal for issue of bonus shares in its board meeting to be held on June 22, 2018.
The stock opened with a gain of 2.88% today. The stock has gained 92.54% during the last one year. It has gained over 18% since the beginning of this year.
The stock has clocked 27.80% returns in the last one month.
The firm reported Rs 19.47 crore in net profit for the quarter ended March 31, 2018 compared with Rs 17.26 crore for the quarter ended March 31, 2017.
It reported Rs 699.62 crore in net sales in the last quarter compared with Rs 601.57 crore in Q4 net sales for the quarter ended March 31, 2017.
Wheels India is a steel wheel manufacturer. The firm is engaged in the manufacture of road wheels. It is also engaged in the manufacture of parts and accessories for machinery or equipment used by construction and mining industries.
The company operates in the automotive components segment. It manufactures wheels for commercial vehicles, passenger cars, utility vehicles, tractors, earth moving and construction equipment.
It also manufactures air suspension kits for trucks and buses. Its wheel products include heavy vehicle wheel, light vehicle wheel, agricultural application wheel, off-road construction wheel and wire wheel.