Harrisons Malayalam spurted 10.32% to Rs 44.90 at 14:43 IST on BSE after the company said the Kerala high court has dismissed the state government's petition challenging the authenticity of company's title deeds and operations, as not maintainable.
The announcement was made after market hours on Tuesday, 10 September 2013.
Meanwhile, the S&P BSE Sensex was down 35.88 points or 0.18% at 19,961.21.
On BSE, 29,000 shares were traded in the counter as against average daily volume of 5,228 shares in the past one quarter.
The stock hit a high of Rs 46.70 and a low of Rs 40.75 so far during the day. The stock had hit a 52-week high of Rs 71.30 on 16 November 2012. The stock had hit a 52-week low of Rs 29.50 on 6 August 2013.
The stock had outperformed the market over the past one month till 10 September 2013, surging 29.62% compared with the Sensex's 6.43% rise. The scrip had, however, underperformed the market in past one quarter, declining 0.61% as against Sensex's 2.86% rise.
The small-cap company has equity capital of Rs 18.46 crore. Face value per share is Rs 10.
Harrisons Malayalam said that the High Court of Kerala vide its order dated 9 September 2013 dismissed the Kerala state government's petition challenging the authenticity of company's title deeds and operations, as not maintainable. By dismissing the Kerala government's petition, the company has been absolved of allegations in respect of irregularities and fraud as also of alleged violations under the Foreign Exchange Regulation Act (FERA), Harrisons said.
Harrisons Malayalam reported a net profit of Rs 0.37 crore in Q1 June 2013, as against net loss of Rs 4.23 crore in Q1 June 2012. Net sales rose 10.6% to Rs 74.28 crore in Q1 June 2013 over Q1 June 2012.
Harrisons Malayalam is India's largest producer of rubber and South India's largest cultivator of tea. It is also a major processor of other agricultural produce from neighboring farmlands. The company also produces smaller quantities of a variety of other exotic horticultural crops like areca nut, banana, cardamom, cocoa, coffee, coconut, pepper and vanilla as well as limited quantities of organic tea and spices.
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