Calcutta, Jan. 30: Berger Paints today announced it would issue bonus shares in the ratio of one for every two held.

Alongside, the company reported an 11.4 per cent growth in sales and a 25.2 per cent jump in net profit in the quarter that ended in December.

Berger registered sales of Rs 584.5 crore in the nine months till December, 13.6 per cent higher than 2002-03. The net profit for the period, Rs 32.1 crore, was 32.4 per cent higher than the corresponding period of last year.

Berger said though consumer paints business was not showing any significant growth, sales of industrial coatings was rising at an impressive pace. It said raw material prices were stable so far. The recent increase would be off set by cut in duties.

Shares of Berger jumped to lifetime high of Rs 201 on the Bombay Stock Exchange after the announcement of the bonus issue, but closed lower at Rs 190.60, Rs 2.30 (1.22 per cent) higher than yesterday.

Balrampur Chini

Sugar producer Balrampur Chini said it was going to issue rights shares in the ratio of 12 for every 100 held at Rs 260 apiece. The price of the rights shares is comparable with the current market price.

The company intends to raise Rs 59 crore through the rights issue, and use it to meet its working capital requirements. The company had spent Rs 250 crore recently on setting up an integrated sugar plant.