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Sagar Cements gains as board sets decent premium for preferential share allotment

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rose 17.24% to Rs 726.80 at 12:35 on after the company said its board fixed issue price for the proposed preferential issue of equity

The announcement was made during trading hours today, 28 November 2016.

Meanwhile, the Sensex was up 76 points, or 0.29%, to 26,392.34.

On BSE, so far 64,000 were traded in the counter, compared with average daily volume of 3,648 in the past one quarter. The stock hit a high of Rs 729.50 and a low of Rs 605 so far during the day. The stock hit a record high of Rs 835 on 14 October 2016. The stock hit a 52-week low of Rs 350 on 18 February 2016. The stock had underperformed the market over the past 30 days till 25 November 2016, falling 15.67% compared with the 5.73% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 4.66% as against Sensex's 5.28% decline.

The small-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.

said that the board at its meeting held on 28 November 2016, fixed an issue price of Rs 800 per equity share for the proposed issue of 6.11 lakh equity of the company on a preferential basis, subject to receipt of further necessary approvals as may be required.

The issue price is 10.07% premium to the ruling market price. It is 29.05% premium to the previous closing price of Rs 619.90 on Friday, 25 November 2016.

The company announced on 23 November 2016, that its shareholders at the extraordinary general meeting (EGM) held on that day, voted on a resolution of issuing up to 6.11 equity on a preferential basis and the outcome of the said voting is awaited.

Net profit of declined 71.53% to Rs 2.50 crore on 29% decline in net sales to Rs 119.20 crore in Q2 September 2016 over Q2 September 2015.

is engaged in manufacturing of cement.

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

First Published: Mon, November 28 2016. 12:29 IST