Ruchi Soya Industries rose 5.50% to Rs 22.05 at 13:49 IST on BSE after the company said its board approved exploring internal corporate restructuring.
The announcement was made during trading hours today, 6 September 2017.Meanwhile, the S&P BSE Sensex was down 126.28 points, or 0.40% to 31,683.27.
On the BSE, 5.17 lakh shares were traded in the counter so far, compared with average daily volumes of 1.96 lakh shares in the past one quarter. The stock had hit a high of Rs 23.30 and a low of Rs 20.40 so far during the day. The stock hit a 52-week high of Rs 31.80 on 14 February 2017. The stock hit a 52-week low of Rs 18.50 on 26 December 2016.
The stock had underperformed the market over the past one month till 5 September 2017, falling 8.93% compared with 1.44% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 8.13% as against Sensex's 1.72% rise. The scrip had also underperformed the market in past one year, rising 1.21% as against Sensex's 9.77% rise.
The small-cap company has equity capital of Rs 66.82 crore. Face value per share is Rs 2.
Ruchi Soya Industries announced that in its meeting held today, 6 September 2017, the board of directors have given consent to explore an internal corporate restructuring exercise, which will allow the company to consider various options such as subsidiarisation or de-merger of its business units into separate entities.
This initiative will result in independent businesses, which would operate in the areas of edible oil refining and brands, palm plantations, oil seed crushing and foods, and renewable energy.
A committee has been constituted to oversee the planning and execution of this exercise and a consultant will be appointed for proposing various options followed by a detailed scheme to the board whilst ensuring a high standard of corporate governance, transparency and fairness.
Ruchi Soya Industries reported net loss of Rs 286.24 crore in Q1 June 2017 as against net profit of Rs 1.03 crore in Q1 June 2016. Net sales declined 34.14% to Rs 3261.21 crore in Q1 June 2017 over Q1 June 2016.
Ruchi Soya Industries is an agri and food FMCG company. It enjoys leadership position in soy foods category in India and is one of India's largest players in the cooking oils segment of the country.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
