Electrosteel Castings surged 4.55% to Rs 23 at 14:51 IST on BSE after the company said its board of directors have decided to issue equity shares to the promoters of the company on preferential basis.
The announcement was made during trading hours today, 11 April 2014.
Meanwhile, the S&P BSE Sensex was down 122.81 points or 0.54% at 22,592.52
On BSE, so far 3.86 lakh shares were traded in the counter as against average daily volume of 94,369 shares in the past one quarter.
The stock hit a 52-week high of Rs 23.60 in intraday trade today, 11 April 2014. The stock hit a low of Rs 21.70 so far during the day. The stock had hit a 52-week low of Rs 9.75 on 5 August 2013.
The stock had outperformed the market over the past one month till 10 April 2014, gaining 56.25% compared with the Sensex's 3.56% rise. The scrip also outperformed the market in past one quarter, jumping 48.95% as against Sensex's 9.43% gain.
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The small-cap company has equity capital of Rs 34.38 crore. Face value per share is Re 1.
Electrosteel Castings said that the Board of Directors of the company at its meeting held today, 11 April 2014, has decided to issue upto 1.70 crore equity shares of the company at an approximate price of Rs 19.41 (including a premium of Rs 18.41) per equity share aggregating upto Rs 32.99 crore (approximately) to the promoters of the company on preferential basis. The issuance of the said securities shall however be subject to the approval of the shareholders of the company at the general meeting and the issuance of the equity shares shall also be in terms of the provisions of the SEBI (Issue of Capital and Disclosure Requirements), Regulations, 2009 and Companies Act, 2013 read together with the related rules thereunder, the company said.
For this purpose an Extraordinary General Meeting has been convened on 12 May 2014 at the Registered Office of the company to obtain the permission of the shareholders of the company, Electrosteel Castings said.
Electrosteel Castings net profit rose 1.9% to Rs 33.73 crore on 3.9% rise in net sales to Rs 490.91 crore in Q3 December 2013 over Q3 December 2012.
Electrosteel Castings is a leading pipeline solution provider. The company has a strong brand presence around the globe.
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