JK Lakshmi Cement rose 1.69% to Rs 346 at 12:57 IST on BSE after the company said it has received shareholders' approval to raise upto Rs 500 crore in one or more tranches on private placement basis to eligible investors.
The announcement was made on Saturday, 17 December 2016.Meanwhile, the S&P BSE Sensex was down 61.51 points or 0.23% at 26,428.05.
On the BSE, 2,535 shares were traded on the counter so far as against the average daily volumes of 24,104 shares in the past one quarter. The stock had hit a high of Rs 349 and a low of Rs 343.30 so far during the day.
The stock had hit a record high of Rs 513.75 on 6 October 2016 and a 52-week low of Rs 253 on 12 February 2016. The stock had underperformed the market over the past one month till 16 December 2016, declining 10.37% compared with the Sensex's 0.73% rise. The scrip had also underperformed the market over the past one quarter declining 27.42% as against the Sensex's 7.38% fall.
The mid-cap company has equity capital of Rs 58.84 crore. Face value per share is Rs 5.
The directors of the company appointed a debenture trustee and a share transfer agent for the proposed issue of non-convertible debentures (NCDs) of upto Rs 300 crore on private placement basis.
JK Lakshmi Cement reported net profit of Rs 24.91 crore in Q2 September 2016, as against net loss of Rs 8.38 crore in Q2 September 2015. Net sales rose 1.5% to Rs 655.57 crore in Q2 September 2016 over Q2 September 2015.
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JK Lakshmi Cement is a cement manufacturer. It caters to infrastructure and construction sectors.
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