Bharat Wire Ropes advances after bulk deal

Bharat Wire Ropes rose 3.49% to Rs 97.90 at 11:16 IST on BSE after OSAG Enterprises LLP bought 18.84 lakh shares of the company from Visu Associates at Rs 91.75 per share in a bulk deal yesterday, 30 March 2017.

Meanwhile, the S&P BSE Sensex was down 64.61 points or 0.22% at 29,582.81. The S&P BSE Small-Cap index was up 78.96 points or 0.55% at 14,410.21.

On the BSE, 47,000 shares were traded on the counter so far as against the average daily volumes of 1.58 lakh shares in the past one quarter. The stock had hit a high of Rs 99 and a low of Rs 94.95 so far during the day. It had hit a record high of Rs 120.50 on 30 January 2017 and a record low of Rs 38 on 31 May 2016.

The small-cap company has equity capital of Rs 44.95 crore. Face value per share is Rs 10.

Bharat Wire Ropes' net profit rose 110% to Rs 0.42 crore on 28.7% decline in net sales to Rs 16.44 crore in Q3 December 2016 over Q3 December 2015.

Bharat Wire Ropes is engaged in manufacturing of wire ropes and slings for use in a varied list of application/industries such as general engineering, fishing, elevators, cranes, material handling, onshore/offshore oil exploration, ports and shipping and mining.

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