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8K Miles Software extends falls, hits 52-week low

The stock hit 52-week low of Rs 436, down 9%, extending its Thursday's 3% fall on BSE

SI Reporter  |  Mumbai 

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

hit 52-week low of Rs 436, down 9%, extending its Thursday’s 3% fall on BSE.

“The board of directors of the company at their meeting held on Wednesday, September 6, has revised the of Re 1 per equity share, based on the information received and to be compliant with the provisions of the Section 123 of the Companies Act, 2013, without deviating from its intention to distribute the dividend,” 8K Miles said in a statement.

Earlier, the board of directors of the company at its meeting held on May 10, 2017 recommended a of Rs 7 per equity share of face value of Rs 5 each for the year ended March 31, 2017.

While proposing the for shareholders approval, the Board has taken into consideration of “Consolidated accounts” and recommended the to the extent of profit available in consolidated financials.

Board was informed that as per the provisions in case of inadequacy or absence of profits, company can declare out of the accumulated profits earned by it in previous years and transferred to the reserves and after compliance with the rules. Also for this purpose only “Standalone Financials” to be considered and NOT Consolidated financials. The Board was further advised that any outside the above provisions will be improper dividend, it added.

Since, the Board cannot make futuristic statement; the will be decided based on realization of the profit by the Standalone entity, subject to limitation placed under the Act. However, Board has all the intention to declare the on realization in the forthcoming period, it added.

At 02:12 PM, the stock was down 6% at Rs 449 on BSE, as compared to 0.09% rise in the S&P BSE Sensex. The trading volumes on the counter jumped an over four-fold with a combined 334,479 shares changed hands on BSE and NSE.

First Published: Fri, September 08 2017. 14:28 IST
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