Gujarat NRE Coke surged 6.53% to Rs 14.36 at 14:48 IST on BSE after the company reported net profit of Rs 3.67 crore in Q1 June 2013, as against net loss of Rs 11.02 crore in Q1 June 2012.
The Q1 result was announced on Sunday, 11 August 2013.
Meanwhile, the S&P BSE Sensex was up 236.30 points or 1.26% at 19,025.64.
On BSE, 2.06 lakh shares were traded in the counter as against average daily volume of 88,471 shares in the past one quarter.
The stock surged as much as 18.69% at the day's high of Rs 16 so far during the day. The stock hit a low of Rs 13.60 so far during the day. The stock had hit a 52-week high of Rs 23.80 on 10 January 2013. The stock had hit a 52-week low of Rs 12.15 on 25 June 2013.
The stock had underperformed the market over the past one month till 8 August 2013, sliding 5.4% compared with the Sensex's 2.77% fall. The scrip had also underperformed the market in past one quarter, declining 23.19% as against Sensex's 6.01% fall.
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The small-cap company has equity capital of Rs 627.37 crore. Face value per share is Rs 10.
Gujarat NRE Coke's net sales declined 37.9% to Rs 326.53 crore in Q1 June 2013 over Q1 June 2012.
The company had issued 200, 5.5% unsecured foreign currency convertible bonds (FCCBs) of $100,000 each aggregating $20 million on 29 October 2012. These bonds are convertible into equity shares of the company at the option of bondholders at Rs 22.50 per share. If not converted then they are redeemable on 30 October 2017. Out of these FCCBs of Rs 108.78 crore, a sum of Rs 50 lakh remained unutilized till the end of June 2013, Gujarat NRE Coke said.
Gujarat NRE Coke's board of directors at a meeting held on 11 August 2013, decided to issue 56 lakh warrants convertible at Rs 22.50 per share on private placement/preferential basis to Benett Coleman & Co (a Non Promoter entity) subject to approval of the shareholders at the forthcoming annual general meeting (AGM) on 30 September 2013.
The board has decided to incorporate a subsidiary company in Hongkong for convenience of operations in international markets.
The board decided to cancel the payment of dividend for the year 2011-12 at 50 paise per share subject to the approval of the shareholders at the forthcoming AGM.
Gujarat NRE Coke is the largest independent producer of met coke in India. Gujarat NRE also owns coking coal mines in Australia. Gujarat NRE Coke, through forward integration has also forayed into steel making and power generation through the renewable energy route.
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