Bharat Gears gained 2.31% to Rs 164 at 10:38 IST on BSE after the company's board approved issue of shares to promoter on preferential basis.
The announcement was made after market hours yesterday, 18 September 2017.Meanwhile, the S&P BSE Sensex was down 59.68 points, or 0.18%, to 32,364.08. The S&P BSE Small-Cap index was up 6.62 points, or 0.04%, to 16,840.20.
On the BSE, 9,843 shares were traded in the counter so far, compared with an average volume of 26,553 shares in the past one quarter. The stock had hit a high of Rs 168 and a low of Rs 161.30 so far during the day. The stock had hit a record high of Rs 192.45 on 18 July 2017. The stock had hit a 52-week low of Rs 83.45 on 22 November 2016.
The stock had outperformed the market over the past one month till 18 September 2017, rising 11.01% compared with 2.85% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 22.65% as against Sensex's 3.6% rise. The scrip had also outperformed the market in past one year, surging 78.81% as against Sensex's 13.23% upmove.
The small-cap company has an equity capital of Rs 7.82 crore. Face value per share is Rs 10.
Bharat Gears said that the Finance Committee of Board of Directors of the company at its meeting held yesterday, 18 September 2017 considered and approved the issue of 3.25 lakh equity shares to Surinder P. Kanwar, promoter of the company on preferential basis. The equity shares shall be issued at a price which shall be arrived as per the provisions of Chapter VII of Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended.
Bharat Gears reported net loss of Rs 1.05 crore in Q1 June 2017, higher than net loss of Rs 1.14 crore in Q1 June 2016. Total income rose 7.02% to Rs 113.99 crore in Q1 June 2017 over Q1 June 2016.
Bharat Gears is a supplier of automotive gears and heat treatment furnaces. The company manufactures a wide range of ring gears and pinions, transmission gears and shafts, differential gears, gear boxes for the automotive industry.
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