Mukand was locked at 20% upper circuit at Rs 24.95 at 15:01 IST on BSE, after promoters steeply hiked their stake in the company through rights issue.
The announcement was made during market hours today, 20 March 2014.
Meanwhile, the S&P BSE Sensex was down 108.37 points, or 0.5% to 21,724.49
On BSE, so far 4.31 lakh shares were traded in the counter with pending buy orders of 14,436 shares at upper circuit. The stock has an average daily volume of 16,714 shares in the past one quarter.
The stock hit a high of Rs 24.95 and a low of Rs 20.80 so far during the day. The stock had hit a 52-week high of Rs 32.50 on 19 March 2013 and a 52-week low of Rs 16.28 on 2 August 2013.
The small-cap stock had underperformed the market over the past one month till 19 March 2014, falling 5.45% compared with the Sensex's 5.36% rise. The scrip had also underperformed the market in past one quarter, falling 11.49% as against Sensex's 5.43% rise.
The company's equity capital is Rs 146.23 crore. Face value per share is Rs 10.
Mukand said that the company's promoters have hiked their stake in the company to 73.36% on 15 March 2014 from 54.33% as at 31 December 2013 through rights issue.
Following the rights issue, foreign institutional investors (FIIs) holding in the company declined to 0.64% on 15 March 2014 from 1.24% as at 31 December 2013. Domestic institutional investors (DIIs) stake declined to 5.19% from 10.06% and public stake declined to 26.64% from 45.67%. Non institutional investors stake fell to 20.81% from 34.37% while ownership of corporate bodies fell to 7.26% from 12.09%.
It may be recalled that Mukand had announced 1:1 rights issue at Rs 21 per share on 30 January 2014.
Mukand reported net loss of Rs 13.31 crore in Q3 December 2013, lower than net loss of Rs 19.28 crore in Q3 December 2012. Net sales rose 34.7% to Rs 615.83 crore in Q3 December 2013 over Q3 December 2012.
Mukand is engaged in manufacture of alloy and stainless steel long products.
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