Vardhman Special Steels rose 2.98% to Rs 141.50 at 11:59 IST on BSE, with the stock extending rally triggered by the company fixing 10 April 2017 as the record date for rights issue.
Meanwhile, the S&P BSE Sensex was down 80.97 points or 0.27% at 29,566.45. The S&P BSE Small-cap index was up 85.28 points or 0.6% at 14,416.53.
On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 15,315 shares in the past one quarter. The stock had hit a high of Rs 149 so far during the day, which is a record high. The stock hit a low of Rs 139 so far during the day. It had hit a 52-week low of Rs 45.30 on 12 April 2016.
The small-cap company has equity capital of Rs 18.56 crore. Face value per share is Rs 10.
Shares of Vardhman Special Steels have rallied 18.8% in three trading sessions from its closing of Rs 119.10 on 28 March 2017, after the company announced after market hours on 28 March 2017 that it has fixed 10 April 2017 as the record date for rights issue.
The rights issue is in the ratio 2:3 i.e. two equity shares for every three held. Total issue size is Rs 67.85 crore and issue price is Rs 50 per equity share.
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Vardhman Special Steels' net profit rose 16.7% to Rs 3.70 crore on 5.5% increase in net sales to Rs 172.13 crore in Q3 December 2016 over Q3 December 2015.
Vardhman Special Steels is a producer of special and alloy steels, catering to diverse requirements of hot rolled bars for engineering, automotive, tractor, bearing and allied industries.
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