Sintex Industries rose 4.07% to Rs 84.35 at 9:28 IST on BSE, with the stock extending Monday's 18.32% rally triggered by the allotment of 1.64 crore equity shares at Rs 69.01 per share to promoter group companies.
Meanwhile, the S&P BSE Sensex was up 14.92 points or 0.06% at 24,377.97.
On BSE, so far 6.35 lakh shares were traded in the counter as against average daily volume of 22.30 lakh shares in the past two weeks.
The stock hit a high of Rs 85.95 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 69.50 so far during the day.
Shares of Sintex Industries have rallied 23.13% in two trading sessions from Rs 68.50 on 16 May 2014, after the company during market hours on Monday, 19 May 2014 said that it has allotted 1.64 crore equity shares at Rs 69.01 per share to promoter group companies on the exercise of the option of conversion of warrants. The stock had rallied 18.32% to settle at Rs 81.05 on Monday, 19 May 2014.
Sintex Industries said that pursuant to the approval of the members of the company at the extra ordinary general meeting held on 9 November 2012 and in terms of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (as amended), 1.64 crore fully paid up equity shares of the company of Re 1 each have been allotted to the promoter group companies on the exercise of the option for conversion of balance 1.64 crore warrants out of total issued 3 crore warrants by the company at its Committee of Board Meeting held on Monday, 19 May 2014 at the price of Rs 69.01 per equity share.
The company has already allotted 68 lakh equity shares on conversion of warrants to each of the above warrant holders on 24 December 2012.
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Sintex Industries' consolidated net profit rose 6.8% to Rs 161.17 crore on 42% growth in net sales to Rs 1982.94 crore in Q4 March 2014 over Q4 March 2013.
Sintex Industries is a dominant player in the plastics and textile business segments
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