IP Rings was locked at 20% upper circuit at Rs 240.10 at 11:01 IST on BSE after the company in its board meeting held yesterday, 4 January 2017, finalised the rights entitlement terms.
The announcement was made after market hours yesterday, 4 January 2017.Meanwhile, the S&P BSE Sensex was up 192.06 points or 0.72% at 26,825.19.
On the BSE, 51,000 shares were traded on the counter so far as against the average daily volume of 3,360 shares in the past one quarter. The stock had hit a high of Rs 240.10 so far during the day, which is a record high for the counter. The stock hit a low of Rs 205 so far during the day.
The stock had hit a 52-week low of Rs 91 on 5 January 2016. It had underperformed the market over the past one month till 4 January 2017, sliding 12.98% compared with the Sensex's 1.53% rise. The scrip had, however, outperformed the market in past one quarter, declining 3.98% as against the Sensex's 6% fall.
The small-cap company has equity capital of Rs 7.04 crore. Face value per share is Rs 10.
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IP Rings' board approved rights issue in the ratio of four rights equity shares for every five equity shares held on the record date i.e. 16 January 2017. The rights issue price was fixed at Rs 88.75 per share.
IP Rings reported net loss of Rs 1.40 crore in Q2 September 2016, higher than net loss of Rs 0.45 crore in Q2 September 2015. Net sales rose 56.8% to Rs 42.27 crore in Q2 September 2016 over Q2 September 2015.
IP Rings is an automotive components manufacturer.
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