Modi Naturals rose 0.65% to Rs 170 at 11:43 IST on BSE after the company said that the board will meet on 19 January 2017, to consider allotment of convertible warrants on preferential basis.
The announcement was made after market hours on Friday, 13 January 2017.Meanwhile, the S&P BSE Sensex was up 31.92 points or 0.12% at 27,269.98.
On the BSE, 1,649 shares were traded on the counter so far as against the average daily volumes of 3,424 shares in the past one quarter. The stock had hit a high of Rs 174.20 and a low of Rs 162.60 so far during the day.
The stock had hit a record high of Rs 188.80 on 5 April 2016 and a 52-week low of Rs 60.50 on 20 January 2016. The stock had outperformed the market over the past one month till 13 January 2017, advancing 40.75% compared with the Sensex's 2.02% rise. The scrip had also outperformed the market over the past one quarter advancing 26.99% as against the Sensex's 1.47% fall.
The small-cap company has equity capital of Rs 11.12 crore. Face value per share is Rs 10.
Modi Naturals said that a meeting of the board of directors of the company is scheduled on 19 January 2017, inter alia, to consider and approve the allotment of convertible warrants on preferential basis. The proposal was approved by the shareholders through a special resolution at the extraordinary general meeting (EGM) of the company held on 9 January 2017 and in-principle approval accorded by the BSE vide its letter dated 11 January 2017.
Modi Naturals' net profit fell 97.8% to Rs 0.02 crore on 16.3% rise in net sales to Rs 59.03 crore in Q2 September 2016 over Q2 September 2015.
Modi Naturals is engaged in natural oil processing. It has marked its entry in the fast-moving consumer goods industry.
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