Jubilant Industries hit an upper circuit limit of 10% to Rs 163.90 at 9:49 IST on BSE after the company said one of its subsidiary will sell its retail hypermarket business to Aditya Birla Retail through a slump sale.
The announcement was made during trading hours today, 12 May 2015. Financial details of the deal were not disclosed.
Meanwhile, the BSE Sensex was down 336.80 points, or 1.22%, to 27,170.50.
On BSE, so far 17,000 shares were traded in the counter, compared with an average volume of 10,312 shares in the past one quarter.
The stock hit a high of Rs 163.90 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 147.10 so far during the day. The stock hit a 52-week low of Rs 61.50 on 17 December 2014.
The stock had outperformed the market over the past one month till 11 May 2015, rising 66.39% compared with 4.75% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 104.81% as against Sensex's 3.60% fall.
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The small-cap company has an equity capital of Rs 11.85 crore. Face value per share is Rs 10.
Jubilant Industries announced that its wholly-owned subsidiary, Jubilant Agri and Consumer Products (JACPL), has agreed to transfer its retail hypermarket business undertaking consisting of four hypermarket stores in Bengaluru, India along with certain specified assets and liabilities including dedicated employees, contracts, licenses, permits, consents and approvals relating to this undertaking as a going concern to Aditya Birla Retail by way of a slump sale by way of business transfer agreement dated 12 May 2015, Jubilant Industries said in a statement.
The board of the company approved the transaction earlier today, 12 May 2015, the company added.
The transaction is expected to be completed within four months, subject to the necessary statutory, regulatory and other approvals, including approval of the Competition Commission of India and the shareholders of the company, it said.
Jubilant Industries reported net loss of Rs 54.39 crore in Q4 March 2015 as against net profit of Rs 75.52 crore in Q4 March 2014. Net sales declined 9.50% to Rs 186.05 crore in Q4 March 2015 over Q4 March 2014.
Jubilant Industries is the flagship company of agri and performance polymers business of the Jubilant Bhartia group. The company's diversified portfolio includes a wide range of crop nutrition, crop growth and crop protection agri products and performance polymers products comprising consumer products like adhesives, wood finishes; food polymers and latex such as vinyl pyridine, SBR and NBR latex.
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