Nirlon surged 5.14% to Rs 46 at 15:21 IST on BSE after the company said that its board of directors at a meeting held today, 26 December 2013, approved a preferential issue up to Rs 78 crore.
The announcement was made during trading hours today, 26 December 2013.
Meanwhile, the S&P BSE Sensex was up 67.36 points or 0.32% at 21,100.07.
On BSE, so far 33,000 shares were traded in the counter as against average daily volume of 15,470 shares over the past one quarter.
The stock hit a high of Rs 47.50 and a low of Rs 43.15 so far during the day. The stock had hit a 52-week high of Rs 48.80 on 4 March 2013. The stock had hit a 52-week low of Rs 32.05 on 11 June 2013.
The stock had outperformed the market over the past one month till 24 December 2013, surging 10.06% compared with the Sensex's 4.03% rise. The scrip had, however, underperformed the market in past one quarter, declining 1.91% as against Sensex's 5.58% rise.
The small-cap company has equity capital of Rs 72.48 crore. Face value per share is Rs 10.
Nirlon said that the approval of the shareholders for preferential issue will be sought by way of an extra ordinary general meeting to be held on 27 January 2014.
Nirlon reported a net profit of Rs 4.68 crore in Q2 September 2013, as against net loss of Rs 1.09 crore in Q2 September 2012. Net sales rose 13.9% to Rs 38.10 crore in Q2 September 2013 over Q2 September 2012.
Nirlon is the owner of Nirlon Knowledge Park (NKP) -- a 23 acre campus in Goregaon (E) Mumbai. The company's business plan will continue to retain ownership of the NKP development, and to offer office space on a leave and license basis, according to Nirlon's Annaul Report for the year ended 31 March 2013.
Nirlon also continues to own 75% undivided interest in about 45,475 sq.ft. in the 'Nirlon House' building at a prime location on Dr. A. B. Road, Worli in Central Mumbai.
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