CMI extends gain ahead of board meet for preferential issue to promoter

In past 11-trading sessions, the stock zoomed 49% as compared to 2.4% rise in the S&P BSE Sensex.

CMI has rallied 11% to Rs 203, extending its gain in past 10-trading sessions on the BSE, after the company announced that the board will meet on January 16 to consider preferential issue plan to promoters.

The board of directors of the company will meet on January 16, 2017 to consider issue of equity shares / warrants / convertible securities on preferential basis to promoters, promoter group and associates and to decide the relevant date for the purpose of preferential issue,” CMI said in a BSE filing on January 2.

Since then, in past 11-trading sessions, the stock zoomed 49% from Rs 136 as compared to 2.4% rise in the S&P BSE Sensex.

At 12:41 pm; the stock was up 8% at Rs 198 on the BSE. A combined 308,834 shares changed hands on the counter on the BSE and NSE.