Kesoram Industries spurted 8.25% to Rs 120.05 at 15:13 IST on BSE after the company said its board considered exploring options for reorganising and realigning the firm's existing businesses.
The company made the announcement during trading hours today, 26 June 2014.
Meanwhile, the BSE Sensex was down 262.89 points, or 1.04%, to 25,050.85.
On BSE, so far 40.12 lakh shares were traded in the counter, compared with an average volume of 3.81 lakh shares in the past one quarter.
The stock hit a high of Rs 128.40 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 105.50 so far during the day. The stock hit a 52-week low of Rs 50.25 on 31 July 2013.
The stock had outperformed the market over the past one month till 25 June 2014, rising 42.73% compared with 2.51% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 68.29% as against Sensex's 14.77% rise.
The small-cap company has an equity capital of Rs 109.78 crore. Face value per share is Rs 10.
The board of Kesoram Industries at the meeting held today, 26 June 2014, noted the imminent necessity for the company to explore options for reorganising and realigning its existing businesses. The board has, for these purposes, constituted a core committee comprising of three directors, two of whom are independent, to consider and evaluate steps that the company may need to pursue to implement such reorganisation and realignment.
Kesoram Industries is a diversified company. The company manufactures tyres, cement, rayon yarn and transparent paper.
The company reported total revenue from operations of Rs 5416.68 crore in the year ended March 2014.
Revenues from tyres business accounted for 58.18% of the total revenue at Rs 3151.51 crore.
Revenues from cement business accounted for 36.21% of the total revenue at Rs 1961.54 crore.
Revenues from rayon and transparent paper business accounted for 5.60% of the total revenue at Rs 303.59 crore.
Kesoram Industries reported a net loss of Rs 198.60 crore in Q4 March 2014, higher than net loss of Rs 62.04 crore in Q4 March 2013. Net sales declined 9.9% to Rs 1323.62 crore in Q4 March 2014 over Q4 March 2013.
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