C Mahendra Exports turns volatile post allotment of preferential shares

C Mahendra Exports lost 3.07% to Rs 229 at 13:01 IST on BSE, with the stock sliding amid volatility after the company said it has allotted 5.67 lakh equity shares at Rs 234.95 per share to Bennett Coleman & Co. on preferential allotment basis.

The announcement was made after market hours on Tuesday, 17 June 2014.

Meanwhile, the S&P BSE Sensex was down 297.81 points or 1.17% at 25,223.38.

On BSE, so far 9,176 shares were traded in the counter as against average daily volume of 63,311 shares in the past one quarter.

The stock was volatile. The stock lost as much as 3.21% at the day's low of Rs 228.65 so far during the day. The stock rose as much as 3.23% at the day's high of Rs 243.90 so far during the day. The stock had hit a 52-week low of Rs 71.10 on 26 June 2013. The stock had hit a 52-week high of Rs 259 on 30 December 2013.

The stock had outperformed the market over the past one month till 17 June 2014, surging 19.38% compared with the Sensex's 5.8% rise. The scrip had also outperformed the market in past one quarter, jumping 22.16 % as against Sensex's 17.02% rise.

The small-cap company has equity capital of Rs 60 crore. Face value per share is Rs 10.

It may be recalled that C Mahendra Exports' shareholders had on 5 January 2013 approved allotment of 5.67 lakh convertible share warrants to Bennett Coleman & Co. on preferential basis.

C Mahendra Exports' net profit fell 93% to Rs 0.99 crore on 53.8% decline in net sales to Rs 361.02 crore in Q4 March 2014 over Q4 March 2013.

C Mahendra Exports is one of the leading diamantaire and jewelry company.

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