 "Udaipar Cement extends rally on preferential issue plan to promoter")
Udaipur Cement Works surged 9% to Rs 36.20, extending its Wednesday’s nearly 7% rally on BSE, after the company said it will raise around Rs 50 crore by issuing Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) on preferential basis to JK Lakshmi Cement, promoter of the company.
“The board of directors of the company is scheduled to meet on May 10, 2017 to consider issue of OCCRPS of up to Rs 50 crore on preferential basis to JK Lakshmi Cement, promoter of the company,” Udaipur Cement Works said in a BSE filing.
The board will also consider the unaudited financial results of the company for the fourth quarter and financial year ended March 31, 2017, it added.
At 12:50 pm; the stock was up 7.5% at Rs 35.70 as compared with 0.54% rise in the S&P BSE Sensex. It trading close to its 52-week high of Rs 37 touched on April 5, 2017. The trading volumes on the counter jumped more than two-fold with 1.64 million shares changed hands so far on the BSE.
JK Lakshmi Cement was up 2.3% at Rs 480, after hitting high of Rs 482 on BSE in intra-day trade.
“The board of directors of the company is scheduled to meet on May 10, 2017 to consider issue of OCCRPS of up to Rs 50 crore on preferential basis to JK Lakshmi Cement, promoter of the company,” Udaipur Cement Works said in a BSE filing.
The board will also consider the unaudited financial results of the company for the fourth quarter and financial year ended March 31, 2017, it added.
At 12:50 pm; the stock was up 7.5% at Rs 35.70 as compared with 0.54% rise in the S&P BSE Sensex. It trading close to its 52-week high of Rs 37 touched on April 5, 2017. The trading volumes on the counter jumped more than two-fold with 1.64 million shares changed hands so far on the BSE.
JK Lakshmi Cement was up 2.3% at Rs 480, after hitting high of Rs 482 on BSE in intra-day trade.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%