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Garden Silk Mills surges on fund raising plans

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was locked at 20% upper circuit at Rs 38.55 at 12:30 on after the company announced that a meeting of board of directors will be held on 25 October 2016, to consider the proposal for raising of funds.

The announcement was made after market hours yesterday, 18 October 2016.

Meanwhile, the S&P Sensex was down 39.49 points or 0.14% at 28,011.39.

High volumes were witnessed on the counter. On BSE, so far 5.42 lakh shares were traded in the counter as against average daily volume of 20,053 shares in the past two weeks. The stock was locked at a high of Rs 38.55 in intraday trade. The stock hit a low of Rs 34.05 so far during the day. The stock had hit a 52-week high of Rs 41.20 on 11 July 2016. The stock had hit a 52-week low of Rs 21 on 29 March 2016. The stock had outperformed the market over the past one month till 18 October 2016, gaining 3.21% compared with 1.92% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 13.46% as against Sensex's 1.1% rise.

The small-cap company has equity capital of Rs 42.08 crore. Face value per share is Rs 10.

announced that a meeting of the board of directors of the company will be held on 25 October 2016, to consider the proposal for raising of funds aggregating to Rs 30 crore by issue of convertible share warrants/convertible securities in favour of promoter/ promoter group of the company upon such terms and conditions as may be deemed appropriate by the board.

Garden Silk Mills' reported consolidated net loss of Rs 24.07 crore in Q1 June 2016 compared with consolidated net loss of Rs 25.72 crore in Q1 June 2015. Net sales fell 1.7% to Rs 601.58 crore in Q1 June 2016 over Q1 June 2015.

is engaged in design and creation of high-quality textile prints, fabrics and textile intermediates for consumers and businesses.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 12:37 IST
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