Bharat Wire Ropes jumps on fund-raising plan

Bharat Wire Ropes rose 4.92% to Rs 124.75 at 9:57 IST on BSE after the company said its board will meet on 9 March 2018 to consider raising funds.

The announcement was made after market hours yesterday, 5 March 2018.

Meanwhile, the S&P BSE Sensex was up 229.57 points, or 0.68% to 33,976.35.

On the BSE, 8,316 shares were traded in the counter so far compared with average daily volumes of 17,000 shares in the past two weeks. The stock had hit a high of Rs 126.35 and a low of Rs 121.55 so far during the day. The stock hit a record high of Rs 166 on 11 January 2018. The stock hit a 52-week low of Rs 73.50 on 7 June 2017.

Bharat Wire Ropes said its board will consider raising funds by way of issue of securities including but not limited to equity shares and/or American depository receipts (ADR) and/or global depository receipts (GDR) and/or any other securities convertible into equity shares and/or non-convertible debentures with or without warrants, through further public offer (FPO)/ qualified institutions placement (QIP)/ preferential issue (PI)/ right issue (RI) or through, any other permissible mode or a combination thereof, as may be permitted under applicable laws, subject to approval of the members of the company, if required and other appropriate approvals.

Bharat Wire Ropes reported net loss of Rs 1.40 crore in Q3 December 2017 as against net profit of Rs 0.42 crore in Q3 December 2016. Net sales rose 133.29% to Rs 38.75 crore in Q3 December 2017 over Q3 December 2016.

Bharat Wire Ropes is one of the largest manufacturer of steel wire ropes in India.

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