BPL rose 2.61% to Rs 21.60 at 9:16 IST on BSE after the company said its board approved divestment of 11.54 crore equity shares in Bharat Energy Ventures to Electronic Research at fair value of Rs 10 per share.
The announcement was made after market hours on Monday, 29 September 2014.
Meanwhile, the S&P BSE Sensex was down 27.08 points or 0.1% at 26,570.03.
On BSE, so far 16,000 shares were traded in the counter as against average daily volume of 1.09 lakh shares in the past two weeks.
The stock hit a high of Rs 22.30 and a low of Rs 21.60 so far during the day.
BPL's board of directors at its meeting held on Monday, 29 September 2014, approved disinvestment of 11.54 crore equity shares of Rs 10 each in Bharat Energy Ventures. These shares are held as investment by BPL. The shares will be sold at a fair value of Rs 10 each to Electronic Research, BPL said. Further, the board also approved the appointment of S. V. Ganesh as chief financial officer of the company with immediate effect.
BPL's net profit fell 80.5% to Rs 0.48 crore on 75.1% decline in net sales to Rs 5.56 crore in Q1 June 2014 over Q1 June 2013.
BPL is engaged in manufacturing and distributing electronic products.
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