Borosil Glass moves north after investment in subsidiary

Borosil Glass Works rose 1.68% to Rs 6,445.95 at 11:47 IST on BSE after the company said it has made an investment of about Rs 1.82 crore by way of subscription in one additional share of its UAE subsidiary.

The company made the announcement on Wednesday, 12 October 2016. The stock market was closed on that day on account of Muharram.

Meanwhile, the S&P BSE Sensex was down 285.84 points or 1.02% at 27,796.50

On BSE, so far 1,134 shares were traded in the counter as against average daily volume of 1,825 shares in the past one quarter. The stock hit a high of Rs 6,500 and a low of Rs 6,290 so far during the day. The stock had hit a record high of Rs 6,950 on 5 October 2016. The stock had hit a 52-week low of Rs 2,200 on 17 December 2015. The stock had outperformed the market over the past one month till 10 October 2016, surging 43.25% compared with 2.48% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 55.08% as against Sensex's 3.52% rise.

The small-cap company has equity capital of Rs 2.31 crore. Face value per share is Rs 10.

Borosil Glass Works said it has made an investment of Rs one million dirhams, equivalent to approximately Rs 1.82 crore by way of subscription in one additional share of Borosil Afrasia FZE, its wholly owned subsidiary in UAE, Dubai.

Borosil Glass Works' net profit jumped 131.9% to Rs 9.88 crore on 29.9% growth in net sales to Rs 52.20 crore in Q1 June 2016 over Q1 June 2015.

Borosil Glass Works manufactures scientific ware items and consumer ware items.

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