Shree Ganesh Jewellery House (I) was locked at 5% upper circuit at Rs 24.40 at 9:59 IST on BSE after the company said it has approached the State Bank of India for corporate debt restructuring of its debts.
The announcement was made after market hours on Thursday, 19 December 2013.
Meanwhile, the S&P BSE Sensex was up 96.30 points or 0.47% at 20,804.92.
On BSE, so far 48,000 shares were traded in the counter compared with average volume of 98,119 shares in the past one quarter.
The stock hit a low of Rs 23.30 so far during the day. The stock had hit a 52-week high of Rs 139.50 on 9 January 2013. The stock had hit a record low of Rs 20.50 on 18 December 2013.
The stock had underperformed the market over the past one month till 19 December 2013, sliding 30.7% compared with the Sensex's 0.87% fall. The scrip had, however, outperformed the market in past one quarter, sliding 60.26% as against Sensex's 0.3% rise.
The small-cap company has equity capital of Rs 71.91 crore. Face value per share is Rs 10.
Shree Ganesh Jewellery House (I) said that the company has approached State Bank of India (SBI), the lead bank of the consortium for referring the matter to Corporate Debt Restructuring Cell for Corporate Debt Restructuring (CDR) of its debts. The Flash Report for the same is being submitted to the lead bank and SBI has convened the consortium meeting of all the bankers today, 20 December 2013.
CDR is a mechanism adopted in India which permits viable companies additional time to meet debt obligations, subject to certain terms and conditions.
Shree Ganesh Jewellery House (I) reported a net loss of Rs 1047.74 crore in Q2 September 2013 as against net profit of Rs 82.57 crore in Q2 September 2012. Net sales rose 81.8% to Rs 4141.88 crore in Q2 September 2013 over Q2 September 2012.
Shree Ganesh Jewellery House (I) manufactures and exports handcrafted gold jewellery.
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