Shares in LT Foods surged after the board of the company approved a stock split from Rs 10 to Re 1. The stock was up 4 per cent at Rs 254.
LT Foods has a host of very popular brands, including Dawat in the rice category and Royal as well.
A stock split allows the stock to be traded at a reduced price, thus enabling small investors to buy the shares.
For example, if the stock goes ex-split, shares in LT Foods should logically be trading at Rs 25.40, of Re 1 face value, as against the current market price of Rs 254 on a face value of Rs 10.
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