Punjab Chemicals surges 12% on fund raising plan

The stock surged 12% to Rs 478, also its record high on the BSE, after the company announced that its board will meet on Friday, December 8, 2017 to consider fund raising plans

Punjab Chemicals and Crop Protection surged 12% to Rs 478, also its record high on the BSE in intra-day trade, after the company announced that its board will meet on Friday, December 8, 2017 to consider fund raising plans.

On November 16, the company said the board will consider the un-audited financial results for the second quarter and half year ended September 30, 2017 (Q2FY18).

The company on Monday, after market hours said that the board will also consider the option to raise long term resources by way of further public offering/rights issue/Global Depository Receipts/ American Depository Receipts/ Foreign Currency Convertible Bonds/ Qualified institutional placement/debt issue/ preferential issue or any other method, as may be deliberated and decided by the board of directors of the company.

In past one year, the stock outperformed the market by surging 115% as compared to 24% rise in the S&P BSE Sensex.

At 10:55 AM; it was trading 10% higher at Rs 466 on the BSE, against 0.24% decline in the benchmark index. A combined 131,454 shares changed hands on the counter on the BSE and NSE so far.