Dolphin Offshore Enterprises has surged 20% to its upper limit on the back of an bonus issue.

The stock opened at Rs 157, down Rs 4. It surged 20% to it's upper circuit of Rs 193. The stock is currently locked at the circuit with buy orders of 5,756 still pending on the BSE. The counter has witnessed comparatively heavy trading volumes of 69,328 as against the two-week daily traded average of 1,453 shares.

The company has informed the BSE today that the board is considering the issue of 2 bonus shares on every 5 equity shares. Further, the board has also recommended 30% dividend.

According to a release issued by the company the net profit has increased 19% to Rs 20.99 crore in the quarter ended March 2009 from Rs 17.61 crore in the corresponding quarter a year ago. The total income is Rs 119.16 crore in Q4FY09 while it was Rs 117.64 crore in Q4FY08.