Phillips Carbon Black rose 2.37% to Rs 276.15 at 10:49 IST on BSE after the company said its board approved amalgamation of wholly-owned subsidiary with the company.
The announcement was made after market hours yesterday, 5 October 2016.Meanwhile, the BSE Sensex was up 86.46 points, or 0.31%, to 28,307.44.
On BSE, so far 1.03 lakh shares were traded in the counter, compared with average daily volume of 1.44 lakh shares in the past one quarter. The stock hit a high of Rs 281.90 and a low of Rs 275.35 so far during the day. The stock hit a 52-week high of Rs 281.90 on 6 October 2016. The stock hit a 52-week low of Rs 80.10 on 29 February 2016. The stock had outperformed the market over the past 30 days till 5 October 2016, rising 5.76% compared with 2.61% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 60.23% as against Sensex's 3.75% rise.
The small-cap company has equity capital of Rs 34.47 crore. Face value per share is Rs 10.
Phillips Carbon Black announced that its board approved scheme of amalgamation between Phillips Carbon Black and Goodluck Dealcom, a wholly-owned subsidiary of company.
The proposal is subject to satisfaction of various conditions, including obtaining necessary approvals from the shareholders and regulatory authorities including Securities and Exchange Board of India (Sebi), stock exchanges and sanction of scheme by the concerned High Courts and / or any other appropriate authority as be may necessary, the company said in a statement.
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Net profit of Phillips Carbon Black rose 302.01% to Rs 12.02 crore on 10.3% decline in net sales to Rs 477.80 crore in Q1 June 2016 over Q1 June 2015.
Phillips Carbon Black is India's largest and globally seventh largest carbon black producer. It provides a complete portfolio of products to meet the specific end requirements across rubber, plastics, coatings, inks and other niche industries globally.
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