Hydro S & S Industries rose 3.39% to Rs 207.40 at 13:52 IST on BSE after the company said its board approved raising Rs 100 crore through rights issue of equity shares.
The announcement was made during trading hours today, 12 May 2015.
Meanwhile, the BSE Sensex was down 534.86 points, or 1.94%, to 26,972.44.
On BSE, so far 160 shares were traded in the counter, compared with an average volume of 11,845 shares in the past one quarter.
The stock hit a high of Rs 207.60 and a low of Rs 204.90 so far during the day. The stock hit a 52-week high of Rs 332.50 on 19 February 2015. The stock hit a 52-week low of Rs 47 on 5 June 2014.
The stock had underperformed the market over the past one month till 11 May 2015, falling 15.64% compared with 4.75% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 23.32% as against Sensex's 3.60% fall.
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The small-cap company has an equity capital of Rs 6.41 crore. Face value per share is Rs 10.
Hydro S & S Industries announced that its board has considered equity fund raising proposals and approved an issue of equity shares on a rights basis to the existing equity shareholders of the company to the extent of about Rs 100 crore.
The rights issue price and ratio would be decided at an appropriate time. The draft Letter of Offer placed before the board has also been approved in-principle and steps are being taken to file the draft Letter of Offer with the regulatory authorities, the company said in a statement.
Hydro S&S Industries reported net loss of Rs 1.51 crore in Q3 December 2014 as against net loss of Rs 1.86 crore in Q3 December 2013. Net sales rose 21.99% to Rs 54.20 crore in Q3 December 2014 over Q3 December 2013.
Hydro S & S Industries is a leading manufacturer and supplier of high quality Reinforced polypropylene compounds, thermoplastics elastomers and fibre re-inforced composites.
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