 "CMI up 20% in two days on preferential issue plan to promoters")
CMI has rallied 12% to Rs 163 on the BSE in intra-day trade, extending its previous day’s gain, after the company on Monday announced preferential issue plan to promoters.
“The board of directors of the company will meet on January 16, 2017 to consider issue of equity shares / warrants / convertible securities on preferential basis to promoters, promoter group and associates and to decide the relevant date for the purpose of preferential issue,” CMI said in a BSE filing.
In past two trading sessions, the stock rallied 20% from Rs 136 as compared to 0.17% rise in the S&P BSE Sensex.
The stock hit a 52-week high of Rs 424 on January 27, 2016 in intra-day trade, declined 72% and touched a 52-week low of Rs 118 on November 9, after the government announced demonization scheme.
CMI engaged in the business of manufacturing Jelly Filled Telecom Cables (JFTC) had reported 34% decline in its consolidated net profit at Rs 4.56 crore during the first six months (April to December) of the current financial year 2016-17.
At 12:27 pm; the stock was up 11% at Rs 161 on the BSE against 0.3% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 157,304 shares changed hands on the BSE and NSE so far.
“The board of directors of the company will meet on January 16, 2017 to consider issue of equity shares / warrants / convertible securities on preferential basis to promoters, promoter group and associates and to decide the relevant date for the purpose of preferential issue,” CMI said in a BSE filing.
In past two trading sessions, the stock rallied 20% from Rs 136 as compared to 0.17% rise in the S&P BSE Sensex.
The stock hit a 52-week high of Rs 424 on January 27, 2016 in intra-day trade, declined 72% and touched a 52-week low of Rs 118 on November 9, after the government announced demonization scheme.
CMI engaged in the business of manufacturing Jelly Filled Telecom Cables (JFTC) had reported 34% decline in its consolidated net profit at Rs 4.56 crore during the first six months (April to December) of the current financial year 2016-17.
At 12:27 pm; the stock was up 11% at Rs 161 on the BSE against 0.3% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 157,304 shares changed hands on the BSE and NSE so far.
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