Sicagen India rose 5.01% to Rs 40.90 at 10:10 IST on BSE after the company said it will acquire the remaining 40% stake in Danish Steel.
The announcement was made after market hours yesterday, 6 September 2017.Meanwhile, the S&P BSE Sensex was up 66.26 points, or 0.21% to 31,728.23.
On the BSE, 89,000 shares were traded in the counter so far, compared with average daily volumes of 51,438 shares in the past one quarter. The stock had hit a high of Rs 41.25 and a low of Rs 39.30 so far during the day. The stock hit a 52-week high of Rs 47.25 on 9 May 2017. The stock hit a 52-week low of Rs 19 on 12 September 2016.
The stock had outperformed the market over the past one month till 6 September 2017, rising 7.15% compared with 1.10% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 4.99% as against Sensex's 1.44% rise. The scrip had also outperformed the market in past one year, rising 88.62% as against Sensex's 9.46% rise.
The small-cap company has equity capital of Rs 39.57 crore. Face value per share is Rs 10.
In continuation of the proposal to acquire 100% equity capital of Danish Steel Cluster (Danish Steel) in three tranches, of which the company has already completed acquisition of 60%, Sicagen India has now proposed to acquire the remaining 40% of the equity capital of Danish Steel and complete the entire transaction on or before 31 December 2017. In order to complete the proposed 40% acquisition, the board at its meeting held on 6 September 2017 has approved the proposed transaction.
Sicagen India reported net profit of Rs 0.10 crore in Q1 June 2017. No net profit was reported in Q1 June 2016. Net sales rose 29% to Rs 169.61 crore in Q1 June 2017 over Q1 June 2016.
Sicagen India's core business is trading of building materials such as steel pipes and fittings, construction and structural steel, stainless steel sheets, pipes and fittings, cables, PVC/HDPE pipes and fittings and cement.
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