Scooters India gained 2.31% to Rs 48.70 at 10:19 IST on BSE after the company announced that its board of directors approved hiving off of its non core land.
The announcement was made during market hours today, 27 February 2018.Meanwhile, the S&P BSE Sensex was down 62.18 points or 0.18% at 34,383.57. The S&P BSE Small-Cap index was down 22.30 points or 0.12% at 18,131.82, outperforming the Sensex.
On the BSE, 650 shares were traded in the counter so far as against average daily volume of 4,181 shares in the past one quarter. The stock had hit a high of Rs 48.85 and a low of Rs 48.70 so far during the day. The stock had hit a record high of Rs 79.70 on 16 January 2018. The stock had hit a 52-week low of Rs 36.55 on 21 March 2017.
The stock had underperformed the market over the past one month till 26 February 2018, falling 27.66% compared with the Sensex's 4.45% drop. The scrip had also underperformed the market in past one quarter, dropping 4.8% as against Sensex's 2.28% rise. The scrip had, however, outperformed the market in past one year, gaining 19.6% as against Sensex's 19.22% rise.
The small-cap company has equity capital of Rs 85.38 crore. Face value per share is Rs 10.
Scooters India said that considering the strategic disinvestment process initiated by the government, the board of directors of the company has subject to the approval of its shareholders, government and other statutory authorities, if any, has accorded its consent for hive off of its 89.69 acres of non core land.
Scooters India reported net loss of Rs 4.24 crore in Q3 December 2017 compared with net loss of Rs 0.22 crore in Q3 December 2016. Net sales fell 30% to Rs 19.38 crore in Q3 December 2017 over Q3 December 2016.
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Incorporated in 1972, Scooters India is a totally integrated automobile company, engaged in designing, developing, manufacturing and marketing a broad spectrum of conventional and non-conventional fuel driven 3-wheelers.
As per the shareholding pattern, the government of India holds 93.74% stake in the firm as at 31 December 2017.
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