CMI rose 3.23% to Rs 185.55 at 10:33 IST on BSE after the company said the board has allotted equity shares to Promoter group.
The announcement was made after market hours yesterday, 17 April 2017.
Meanwhile, the S&P BSE Sensex was up 269.19 points, or 0.92% at 29,682.85. The S&P BSE Small-cap index was up 163.65 points, 1.09% at 15,117.81.
On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 50,501 shares in the past one quarter. The stock had hit a high of Rs 186 and a low of Rs 182.10 so far during the day.
The stock had hit a 52-week high of Rs 269 on 20 April 2016 and a 52-week low of Rs 118.10 on 9 November 2016. The stock had outperformed the market over the past one month till 17 April 2017, advancing 2.28% compared with the Sensex's 0.79% decline. The scrip had, however, underperformed the market over the past one quarter declining 10.51% as against the Sensex's 8% rise.
The small-cap company has equity capital of Rs 14.78 crore. Face value per share is Rs 10.
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CMI said that its board of directors on 17 April 2017 approved the allotment of 2.5 lakh equity shares having face value Rs 10 each at a premium of Rs 290 per equity share to promoter/promoter group.
Total promoter holding stood at 42.59% as per shareholding pattern as on 31 December 2016.
CMI's consolidated net profit fell 57.6% to Rs 2.04 crore on 12.5% increase in net sales to Rs 74.72 crore in Q3 December 2016 over Q3 December 2015.
CMI is in the business of manufacturing Jelly Filled Telecom Cables (JFTC).
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