Sagar Cements rose 1.76% to Rs 693.20 at 14:20 IST on BSE after the company's securities allotment committee of the board allotted, 6.11 lakh equity shares at Rs 800 per share on a preferential basis.
The announcement was made during market hours today, 7 December 2016.Meanwhile, the S&P BSE Sensex was up 109.71 points or 0.43% at 26,506.88.
More than usual volumes were witnessed on the counter. On the BSE, 16,309 shares were traded on the counter so far as against the average daily volumes of 5,212 shares in the past one quarter. The stock had hit a high of Rs 705.45 and a low of Rs 665.45 so far during the day. The stock had hit a record high of Rs 835 on 14 October 2016. The stock had hit a 52-week low of Rs 350 on 18 February 2016.
The stock had outperformed the market over the past one month till 6 December 2016, shedding 2.6% compared with the Sensex's 3.23% fall. The scrip had also outperformed the market in past one quarter, gaining 6.79% as against the Sensex's 8.92% fall.
The small-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.
Sagar Cements announced that the securities allotment committee of the board of directors at a meeting held on today, 7 December 2016, allotted, 6.11 lakh equity shares of Rs 10 each at an issue price of Rs 800 per equity share aggregating Rs 48.88 crore on a preferential basis in accordance with the approval given by the shareholders at a meeting held on 23 November 2016.
Net profit of Sagar Cements declined 71.5% to Rs 2.50 crore on 29% decline in net sales to Rs 119.20 crore in Q2 September 2016 over Q2 September 2015.
Sagar Cements is engaged in manufacturing of cement.
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