Somany Ceramics gained 2.54% to Rs 489 at 10:30 IST on BSE after the company issued commercial paper worth Rs 15 crore, dated 10 January 2017 and having maturity on 24 March 2017 to reduce its cost of borrowing.
The announcement was made after market hours yesterday, 10 January 2017.Meanwhile, the S&P BSE Sensex was up 132.41 points or 0.50% at 27,032.84.
On the BSE, 1,815 shares were traded in the counter so far as against average daily volume of 4,464 shares in the past one quarter. The stock had hit a high of Rs 489 and a low of Rs 476.55 so far during the day. The stock had had hit a record high of Rs 714 on 26 October 2016. The stock had hit a 52-week low of Rs 321.90 on 26 February 2016.
The stock had underperformed the market over the past one month till 10 January 2017, dropping 8.47% compared with the Sensex's 0.57% gains. The scrip had also underperformed the market in past one quarter, falling 22.38% as against the Sensex's 4.21% fall.
The small-cap company has equity capital of Rs 8.48 crore. Face value per share is Rs 2.
Somany Ceramics said that commercial paper was issued in order to reduce its high interest bearing cash credit limits, which will in turn reduce its cost of borrowing.
Somany Ceramics' net profit jumped 116.1% to Rs 23.01 crore on 10.2% rise in net sales to Rs 444.33 crore in Q2 September 2016 over Q2 September 2015.
Somany Ceramics is a manufacturer of ceramic tiles and allied products.
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