Bombay Burmah gains after raising funds

Bombay Burmah Trading Corporation rose 2.65% to Rs 490 at 15:17 IST on BSE after the company said it has issued commercial paper for an aggregate amount of Rs 50 crore.

The announcement was made during market hours today, 27 December 2016.

Meanwhile, the S&P BSE Sensex was up 417.92 points or 1.62% at 26,225.02.

On the BSE, 4,630 shares were traded on the counter so far as against the average daily volumes of 29,692 shares in the past one quarter. The stock had hit a high of Rs 494.15 and a low of Rs 474 so far during the day.

The stock had hit a record high of Rs 673.40 on 5 October 2016 and a 52-week low of Rs 311 on 12 February 2016. It had underperformed the market over the past one month till 26 December 2016, sliding 6.75% compared with the Sensex's 1.94% fall. The scrip had also underperformed the market in past one quarter, declining 21.35% as against the Sensex's 8.79% fall.

The mid-cap company has equity capital of Rs 13.95 crore. Face value per share is Rs 2.

Bombay Burmah Trading Corporation said it has issued commercial paper (CP) for an aggregate amount of Rs 50 crore on 23 December 2016. The CP is for a duration of 81 days having maturity date 14 March 2017. This is in addition to the CP issued in November 2016 for Rs 50 crore.

India Ratings & Research has granted rating of A1+ for issue of CP by Bombay Burmah upto Rs 100 crore.

Bombay Burmah Trading Corporation reported net loss of Rs 9.98 crore in Q2 September 2016, higher than net loss of Rs 6.41 crore in Q2 September 2015. Net sales rose 10.4% to Rs 66.75 crore in Q2 September 2016 over Q2 September 2015.

Bombay Burmah Trading Corporation has diversified its interests into tea, coffee, other plantation products, biscuit and dairy products, auto electric and white goods parts, weighing products, horticulture and landscaping services, healthcare products (viz.) dental, orthopaedic and opthalmic products.

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