Bodal Chemicals gains after securing High Court of Gujarat nod for Scheme of Amalgamation

Bodal Chemicals gained 3.2% to Rs 113 at 11:32 IST on BSE after High Court of Gujarat approved the Scheme of Amalgamation of Bodal Agrotech with the company.

The announcement was made after market hours yesterday, 23 November 2016.

Meanwhile, the S&P BSE Sensex was down 99.66 points, or 0.38%, to 25,952.15

On BSE, so far 2.06 lakh shares were traded in the counter, compared with average daily volume of 3.27 lakh shares in the past one quarter. The stock hit a high of Rs 114.70 and a low of Rs 107.95 so far during the day. The stock hit a record high of Rs 155 on 6 October 2016. The stock hit a 52-week low of Rs 37.40 on 24 November 2015. The stock had underperformed the market over the past 30 days till 23 November 2016, falling 22.29% compared with the 7.26% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, falling 5.68% as against Sensex's 6.41% decline.

The small-cap company has an equity capital of Rs 21.82 crore. Face value per share is Rs 2.

Bodal Chemicals said that High Court of Gujarat vide its Oral Order dated 11 November 2016, which was received by the company on 23 November 2016, has approved the Scheme of Amalgamation of Bodal Agrotech with itself. The Appointed date of Scheme of Amalgamation is 1 April 2016. Further, the company is awaiting the certified copy of the Order of Court of Gujarat for further action, Bodal Chemicals said.

Bodal Chemicals' net profit rose 45.58% to Rs 34.05 crore on 28.5% rise in total income to Rs 332.60 crore in Q2 September 2016 over Q2 September 2015.

Bodal Chemicals is engaged in manufacturing of acid, direct and reactive dyestuffs and dye intermediates for textile, leather, plastics and papermaking applications.

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