Kalindee Rail Nirman (Engineers) (up 5.03% at Rs 76.20) and Texmaco Rail & Engineering (up 3.04% to Rs 39), edged higher.
Meanwhile, the S&P BSE Sensex was up 9.06 points or 0.05% at 19,967.53.
Kalindee Rail Nirman (Engineers) had outperformed the market over the past one month till 12 July 2013, surging 28.07% as compared to the Sensex's 4.82% rise. The stock had also outperformed the market in the past one quarter, jumping 47.76% as compared to the Sensex's 9.41% surge.
Texmaco Rail & Engineering had underperformed the market over the past one month till 12 July 2013, rising 4.41% as compared to the Sensex's 4.82% rise. The stock had also underperformed the market in the past one quarter, sliding 22.83% as compared to the Sensex's 9.41% surge.
Kalindee Rail Nirman (Engineers) on Saturday, 13 July 2013, said that the company's board of directors has decided to issue 41.10 lakh equity shares on preferential allotment basis to Texmaco Rail & Engineering at Rs 65 per equity share or such higher price determined in accordance with the provisions of the Sebi ICDR Regulations. After the preferential issue, Texmaco will hold about 24.9% of post issue equity capital of Kalindee.
On 10 July 2013, Jaipur-based Jupiter Metal announced a voluntary open offer to acquire 37.19 lakh equity shares, constituting 30% of the paid-up capital of Kalindee Rail Nirman (Engineers) at price of Rs 65 per share. The open offer is conditional, subject to a minimum level of acceptance of 32.23 lakh equity shares, constituting 26% of the paid-up capital of the company.
After Jupiter's voluntary open offer, Kalindee on 11 July 2013 said that the company's board of directors took note of the voluntary open offer for the company's shares and it will evaluate all options. The developments sparked rally in shares of Kalindee which jumped 18.35% in two trading sessions to settle at Rs 72.55 on Friday, 12 July 2013, from Rs 61.30 on 10 July 2013.
The crux of the issue is very lower promoter holding in Kalindee. Total promoter holding in the company was just 15.63%, as per the latest shareholding pattern available as on 31 March 2013.
Kalindee Rail Nirman (Engineers) reported net loss of Rs 1.29 crore in Q4 March 2013, as against net profit of Rs 0.03 crore in Q4 March 2012. Net sales declined 2.4% to Rs 62.82 crore in Q4 March 2013 over Q4 March 2012.
Kalindee Rail Nirman (Engineers) is a construction company dedicated to building infrastructure for rail transport under one roof on turn key basis. It has been active in fields of signaling, telecommunications, and track and information systems.
Texmaco Rail & Engineering's net profit fell 69.7% to Rs 8.85 crore on 10.6% decline in net sales to Rs 199.42 crore in Q4 March 2013 over Q4 March 2012.
Texmaco Rail & Engineering manufactures a diverse range of products. It is the largest manufacturer of railway freight cars, and hydro-mechanical equipment. Its product range also extends to pressure vessels, road repairing and agricultural machinery.
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