Bombay Burmah Trading Corp gains after board approves raising funds

Bombay Burmah Trading Corporation rose 8.30% to Rs 663.95 at 11:35 IST on BSE after the company said its board approved raising Rs 250 crore through non- convertible debentures.

Meanwhile, the BSE Sensex was down 33.69 points, or 0.12%, to 28,300.86.

On BSE, so far 2.49 lakh shares were traded in the counter, compared with average daily volume of 59,692 shares in the past one quarter. The stock hit a high of Rs 673.40 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 617.80 so far during the day. The stock hit a 52-week low of Rs 311 on 12 February 2016. The stock had outperformed the market over the past 30 days till 4 October 2016, rising 23.26% compared with 0.69% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 49.96% as against Sensex's 4.30% rise.

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

Bombay Burmah Trading Corporation announced that its board approved the proposal for raising funds upto Rs 250 crore through issue of commercial paper/secured, redeemable, non- convertible debentures (NCDs). The board entrusted the functions of deciding on the issue date, denomination, terms and conditions of issue etc. to a committee formed for the purpose.

Bombay Burmah Trading Corporation reported net loss of Rs 3.67 crore in Q1 June 2016 as against net loss of Rs 1.22 crore in Q1 June 2015. Net sales declined 3.3% to Rs 63.38 crore in Q1 June 2016 over Q1 June 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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