Gemini Communication Stock Split Announcement
Gemini Communication will consider Stock Split proposal in scheduled meeting of the board of directors on 19 May 2008. The stock became volatile after the announcement yesterday during trading hours and was down by 3.27% to Rs 253 on BSE after gaining as much as 2.08% to Rs 267. This is little weird behavior of the stock, normally stocks gain on stock split announcements. If you see the trading volumes changed to 1.99 lakh shares yesterday compared to it’s average 1.19 lakh shares everyday.
In the past, the stock hit a 52-week high of Rs 310 on 15 January 2008 and a 52-week low of Rs 109.05 on 24 March 2008. The small-cap scrip had outperformed the market over the past one month till 8 May 2008, surging 116.43% compared to the Sensex’s return of 8.17%. It also outperformed the market in the past one quarter, advancing 34.13% compared to Sensex’s decline of 2.20%.
The company’s current equity is Rs 9.72. Face value per share is Rs 5. Gemini Communication is a service provider and a carrier for high-speed broadband access networks.
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