Sagar Cements rose 17.24% to Rs 726.80 at 12:35 IST on BSE after the company said its board fixed issue price for the proposed preferential issue of equity shares.
The announcement was made during trading hours today, 28 November 2016.Meanwhile, the BSE Sensex was up 76 points, or 0.29%, to 26,392.34.
On BSE, so far 64,000 shares were traded in the counter, compared with average daily volume of 3,648 shares in the past one quarter. The stock hit a high of Rs 729.50 and a low of Rs 605 so far during the day. The stock hit a record high of Rs 835 on 14 October 2016. The stock hit a 52-week low of Rs 350 on 18 February 2016. The stock had underperformed the market over the past 30 days till 25 November 2016, falling 15.67% compared with the 5.73% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 4.66% as against Sensex's 5.28% decline.
The small-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.
Sagar Cements said that the board at its meeting held on 28 November 2016, fixed an issue price of Rs 800 per equity share for the proposed issue of 6.11 lakh equity shares of the company on a preferential basis, subject to receipt of further necessary approvals as may be required.
The issue price is 10.07% premium to the ruling market price. It is 29.05% premium to the previous closing price of Rs 619.90 on Friday, 25 November 2016.
The company announced on 23 November 2016, that its shareholders at the extraordinary general meeting (EGM) held on that day, voted on a resolution of issuing up to 6.11 equity shares on a preferential basis and the outcome of the said voting is awaited.
Net profit of Sagar Cements declined 71.53% 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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