Vardhman Special Steels spurted 15.2% to Rs 137.20 at 11:08 IST on BSE after the company fixed 10 April 2017 as the record date for rights issue.
The announcement was made after market hours yesterday, 28 March 2017.Meanwhile, the S&P Sensex was up 73.42 points or 0.25% at 29,482.94. The S&P BSE Small-cap index was up 56.68 points or 0.4% at 14,210.05.
On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 14,084 shares in the past one quarter. The stock had hit a high of Rs 141.95 so far during the day, which is also its record high. The stock hit a low of Rs 123.30 so far during the day.
The stock had hit a 52-week low of Rs 45.30 on 12 April 2016. The stock had underperformed the market over the past one month till 28 March 2017, advancing 1.02% compared with the Sensex's 2.32% rise. The scrip had, however, outperformed the market over the past one quarter advancing 29.6% as against the Sensex's 12.2% rise.
The small-cap company has equity capital of Rs 18.56 crore. Face value per share is Rs 10.
Vardhman Special Steels announced that the company has fixed 10 April 2017 as the record date for the purpose of ascertaining the eligible equity shareholders for the proposed rights issue shares in the ratio 2:3 i.e. two equity shares for every three held. Total issue size is Rs 67.85 crore and issue price is Rs 50 per equity share.
Vardhman Special Steels' net profit rose 16.7% to Rs 3.70 crore on 5.5% increase in net sales to Rs 172.13 crore in Q3 December 2016 over Q3 December 2015.
Vardhman Special Steels is a producer of special and alloy steels, catering to diverse requirements of hot rolled bars for engineering, automotive, tractor, bearing and allied industries.
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