ALSO READVindhya Telelinks announces change in company secretary Vindhya Telelinks appoints compliance officer Board of Vindhya Telelinks approves proposal for private placement of NCDs upto Rs 150 cr Board of Vindhya Telelinks approves expansion of copper cable facility at Rewa Board of Vindhya Telelinks to consider proposal for issue of debt securities upto Rs 150 cr
Meanwhile, the S&P BSE Sensex was up 230.93 points, or 0.76% to 30,553.05.
On the BSE, 55,000 shares were traded in the counter so far, compared with average daily volumes of 3,589 shares in the past one quarter. The stock had hit a high of Rs 770.75 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 710.25 so far during the day. The stock hit a 52-week low of Rs 510.65 on 29 September 2016.
The stock had underperformed the market over the past one month till 15 May 2017, falling 0.94% compared with 2.92% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 11.37% as against Sensex's 7% rise.
The small-cap company has equity capital of Rs 11.85 crore. Face value per share is Rs 10.
Vindhya Telelinks' net profit fell 13.1% to Rs 67.24 crore on 5% increase in net sales to Rs 1033.35 crore in the year ended March 2017 over the year ended March 2016.
Meanwhile, in a separate announcement after market hours yesterday, 15 May 2017, the company said that its board approved a proposal for substantial expansion-cum-diversification of the company's existing copper cable facility at Rewa, to be executed in stages, for manufacturing of electron beam irradiated cross-linked cables including installation of electron beam accelerator(s) of appropriate rated capacity, with an estimated capital outlay of Rs 32.75 crore, to be funded by a mix of internal accruals and debt.
The company is presently engaged in the manufacturing of a wide variety of cables and it has been decided to expand its products portfolio by diversification into the high end market of specialized electrical cables and electron beam irradiated cross-linked cables. The market for such cables is rapidly expanding due to the exacting technical requirements of new applications and the gradual transition from the conventional cables to the new genre of electron beam irradiated cables particularly in the market segment of solar energy (DC solar cables), railways, ship building, etc.
The substantial expansion-cum-diversification project is likely to be operational in two stages by December 2017, the company said.
Vindhya Telelinks is a leading manufacturer and supplier of jelly filled telecommunication cables, as well as of optical fiber telecommunication cables.
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