Chennai: The board of directors of the Rs34.14-crore equity based bulk drug company, Orchid Chemicals & Pharmaceuticals Limited, have approved bonus shares issue of one share for every two shares held. At the end of last fiscal the company had reserves to the tune of Rs437 crore.

During the first quarter of the current fiscal the company has posted a turnover of Rs170.25 crore and a net profit of Rs7.33 crore as compared to a turnover Rs174.26 crore and Rs4.69 crore declared for the corresponding period in 2004.

However the first quarter turnover and profit are lower than the turnover (Rs178.10 crore) and profit (Rs16.59 crore) declared during the previous quarter ended 31^st March 2005.