Everest Kanto Cylinder gained 2.04% to Rs 37.55 at 12:30 IST on BSE after the company said it has entered into the asset purchase agreement with SNF Flopam India.
The announcement was made after market hours on Friday, 31 March 2017.Meanwhile, the BSE Sensex was up 206.89 points, or 0.68%, to 29,822.78. The S&P BSE Small-Cap index was up 178.33 points or 1.24% to 14,612.19.
More than usual volumes were witnessed on the counter. On the BSE, 2.65 lakh shares were traded in the counter so far as against an average daily volume of 1.06 lakh shares in the past one quarter. The stock had hit a high of Rs 39.65 and a low of Rs 36 so far during the day. The stock had hit a 52-week high of Rs 42.30 on 26 October 2016. The stock had hit a 52-week low of Rs 14 on 24 June 2016.
The stock had outperformed the market over the past one month till 31 March 2017, gaining 15.36% compared with 3.05% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 10.68% as against Sensex's 11.24% gains.
The small-cap company has an equity capital of Rs 22.44 crore. Face value per share is Rs 2.
Everest Kanto Cylinder said that it has entered into the asset purchase agreement with SNF Flopam India to sell company's land, building and electric installations in Gandhidham, Gujarat for consideration of $29 million. The expected date of completion of sale would be 30 April 2017.
On a consolidated basis, Everest Kanto Cylinder reported net loss of Rs 9.67 crore in Q3 December 2016, lower than net loss of Rs 29.38 crore in Q3 December 2015. Net sales rose 14.7% to Rs 140.05 crore in Q3 December 2016 over Q3 December 2015.
Everest Kanto Cylinder is a pioneer in development & production of industrial & CNG cylinders.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
