Gujarat Borosil dropped 5.72% to Rs 80.75 at 14:50 IST on BSE after the company's board of directors decided to obtain shareholders' approval for raising of funds by issue of equity shares through qualified institutional placement.
The announcement was made during market hours today, 17 November 2016.Meanwhile, the S&P BSE Sensex was up 46.41 points or 0.18% at 26,345.10.
On BSE, so far 46.257 shares were traded in the counter as against average daily volume of 78,333 shares in the past one quarter. The stock hit a high of Rs 87 and a low of Rs 80 so far during the day. The stock had hit a record high of Rs 120 on 24 October 2016. The stock had hit a 52-week low of Rs 41.60 on 19 November 2015. The stock outperformed the market over the past one month till 16 November 2016, gaining 4.51% compared with the Sensex's 4.97% fall. The scrip also outperformed the market in past one quarter, gaining 5.42% as against the Sensex's 6.29% decline.
The small-cap company has equity capital of Rs 34.10 crore. Face value per share is Rs 5.
Gujarat Borosil announced that the board of directors at a meeting held today, 17 November 2016, decided to obtain enabling approvals, from the shareholders for raising of funds by way of issue of equity shares including convertible bonds/debentures through qualified institutional placements (QIP) and/or any other modes upto Rs 250 crore, through postal ballot process.
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Separately, Gujarat Borosil's net profit rose 23.1% to Rs 1.63 crore on 4.84% rise in total income from operations to Rs 45.85 crore in Q2 September 2016 over Q2 September 2015.
Gujarat Borosil (GBL) was promoted by Borosil Glass Works manufacturer of well known and household BOROSIL range of labware, scientificware and consumerware products to setup its most modern sheet glass plant at Govali, Dist. Bharuch (Gujarat) in 1994. GBL has set up a new facility in March 2010 to manufacture for the first time in country low Iron solar glass for application in photovoltaic panels, flat plate collectors and green houses.
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