Coromandel Engineering Company was locked at 5% upper circuit at Rs 260.15 at 10:58 IST on BSE after the company scheduled a board meeting to consider rights issue of equity shares.
The company made the announcement after market hours on Tuesday, 31 December 2013.
Meanwhile, the BSE Sensex was up 45.30 points, or 0.21%, to 21,215.98
On BSE, so far 1,121 shares were traded in the counter as against average daily volume of 287 shares over the past one quarter.
The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 260.15 so far in the day. The stock had hit a 52-week high of Rs 275 on 11 January 2013 and a 52-week low of Rs 161.90 on 13 August 2013.
The small-cap stock outperformed the market over the past one month till 31 December 2013, rising 5.45% compared with the Sensex's 1.82% rise. The scrip, however, underperformed the market in past one quarter, falling 3.95% as against Sensex's 9.24% rise.
The company has an equity capital of Rs 3.29 crore. Face value per share is Rs 10.
Coromandel Engineering Company after market hours on Tuesday, 31 December 2013 said that a meeting of the rights issue committee of its board of directors will be held on Friday, 3 January 2014, to consider the terms of the proposed issue of equity shares on rights basis. The company's committee of board of directors will also decide issue price per rights equity share, number of rights equity shares which an eligible equity shareholder as on the record date will be entitled to and record date for determining the eligible equity shareholders who would be entitled to the rights equity shares.
Coromandel Engineering Company reported net loss of Rs 7 crore in Q2 September 2013, higher than net loss of Rs 1.14 crore in Q2 September 2012. Net sales fell 14.8% to Rs 52.93 crore in Q2 September 2013 over Q2 September 2012.
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