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Sunil Hitech Engineers surges after board approves bonus issue

Capital Market 

Engineers jumped 8.06% to Rs 409 at 14:00 on after the board of directors of the company at a meeting held on 11 October 2016 approved 1:1 bonus issue.

The announcement was made on Tuesday, 11 October 2016. The stock market remained shut on 11 and 12 October 2016 due to holidays.

Meanwhile, the S&P Sensex was down 471.45 points or 1.68% at 27,610.89.

High volumes were witnessed on the counter. On BSE, so far 6.15 lakh shares were traded in the counter as against average daily volume of 1.36 lakh shares in the past one quarter. The stock hit a high of Rs 418.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 398.40 so far during the day. The stock had hit a 52-week low of Rs 155 on 24 June 2016. The stock had outperformed the market over the past one month till 10 October 2016, gaining 40.24% compared with Sensex's 2.48% fall. The scrip had also outperformed the market in past one quarter, surging 115.67% as against Sensex's 3.52% rise.

The small-cap company has equity capital of Rs 18.90 crore. Face value per share is Rs 10.

The board of directors of the company also approved the issue of 1 crore convertible warrants to the promoters and non-promoters.

Engineers' net profit rose 8% to Rs 11.89 crore on 6.3% growth in net sales to Rs 443.77 crore in Q1 June 2016 over Q1 June 2015.

Engineers is an engineering, procurement & construction (EPC) company.

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

First Published: Thu, October 13 2016. 13:54 IST