Somany Ceramics surges on raising short term debt

The stock surged 17% to Rs 559 on the BSE in intra-day trade on back of heavy volumes.

Somany Ceramics has surged 17% to Rs 559 on the BSE in intra-day trade on back of heavy volumes after the company said it issued commercial paper worth Rs 15 crore, to reduce high interest bearing cash credit limits and in turn reducing cost of borrowing.

“The company has issued Commercial paper of Rs 15 crore value dated January 10, 2017 having maturity on March 24, 2017,” Somany Ceramics said in a statement.

The aforesaid issuance of commercial paper is to reduce high interest bearing cash credit limits and in turn reducing cost of borrowing, it added.