Rushil Decor rose 1.03% to Rs 54.10 at 11:21 IST on BSE after the company said its board has approved the procedures for conducting postal ballot for the sale, lease or otherwise dispose of the selective land in Gujarat to a prospective buyer.
The announcement was made after market hours on Friday, 10 January 2014.
Meanwhile, the S&P BSE Sensex was up 265.20 points or 1.28% at 21,023.69.
On BSE, so far 3,197 shares were traded in the counter as against average daily volume of 28,419 shares in the past one quarter.
The stock hit a high of Rs 55.70 and a low of Rs 54.10 so far during the day.
The stock had outperformed the market over the past one month till 10 January 2014, surging 19.8% compared with the Sensex's 2.34% fall. The scrip had also outperformed the market in past one quarter, jumping 23.53% as against Sensex's 2.4% rise.
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Rushil Decor said its board of directors at a meeting held on Friday, 10 January 2014, approved the procedures for conducting postal ballot as required under the Companies Act read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2011 for the sale, lease or otherwise dispose of the selective land approximately 14 acres, existing building on these selective land, selective plant & machinery of Particle Board Manufacturing Unit (The Navalgadh Unit) in Surendranagar District, Gujarat to a prospective buyer and balance 25 acres industrial land to any person(s).
Further, the Board has entrusted the finalizing of this decision into Chairman and Managing Director of the company, Rushil Decor said.
Rushil Decor's net profit declined 4.5% to Rs 1.28 crore on 59.6% growth in net sales to Rs 67.09 crore in Q2 September 2013 over Q2 September 2012.
Rushil Decor offers comprehensive engineered interior products which include decorative laminate sheets, industry laminate sheets, Rushil kitchen door and plain particle boards.
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