Wheels India rose 1.55% to Rs 841.85 at 13:12 IST on BSE after the company said its board of directors has approved rights issue of equity shares to the existing shareholders of the company.
The announcement was made before market hours today, 4 February 2014.
Meanwhile, the S&P BSE Sensex was down 156.10 points or 0.77% at 20,053.16.
On BSE, so far 6,404 shares were traded in the counter as against average daily volume of 7,839 shares in the past one quarter.
The stock was volatile. The stock rose as much as 2.77% at the day's high of Rs 852 so far during the day. The stock lost as much as 3.01% at the day's low of Rs 804 so far during the day. The stock had hit a 52-week high of Rs 915 on 16 May 2013. The stock had hit a 52-week low of Rs 584.50 on 28 March 2013.
The stock outperformed the market over the past one month till 3 February 2014, surging 5.63% compared with the Sensex's 3.08% fall. The scrip had also outperformed the market in past one quarter, jumping 17.41% as against Sensex's 4.85% fall.
The small-cap company has equity capital of Rs 9.87 crore. Face value per share is Rs 10.
Wheels India said that the "Committee - Capital Issues" constituted by its board of directors in a meeting held on Monday, 3 February 2014, approved the rights issue of equity shares to the existing shareholders of the company. As per the terms of rights issue, the company will offer 51 equity shares for every 20 equity shares held in the company as on record date. The shares will be issued at Rs 400 per share. All the equity shares to be issued pursuant to the rights issue shall rank pari passu with the existing equity shares of the company. The company will offer a total of 21.62 lakh shares through rights issue.
Wheels India's net profit fell 54.2% to Rs 4.12 crore on 4.3% decline in net sales to Rs 386.47 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Monday, 3 February 2014.
Wheels India is engaged in manufacturing of steel wheels for commercial vehicles, passenger cars, utility vehicles, agricultural tractors and construction equipment.
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