Castex Technologies slumps as fresh shares admitted for trading upon conversion of FCCBs

Castex Technologies was locked at 5% lower circuit at Rs 343.80 at 11:49 IST on BSE after 2.44 crore equity shares of the company were admitted for trading today, 14 July 2015, upon conversion of foreign currency convertible bonds.

Meanwhile, the S&P BSE Sensex was down 76.32 points or 0.27% at 27,884.87.

On BSE, so far 24.09 lakh shares were traded in the counter as against average daily volume of 3.58 lakh shares in the past one quarter.

The stock opened with a downward gap falling by the maximum permissible level of 5% and remained locked at 5% level at Rs 343.80 so far during the day. The stock had hit a record high of Rs 362 yesterday, 13 July 2015. The stock had hit a 52-week low of Rs 40.70 on 23 March 2015.

The stock had outperformed the market over the past one month till 13 July 2015, advancing 105.77% compared with the Sensex's 5.81% rise. The scrip had also outperformed the market in past one quarter, jumping 367.51% as against Sensex's 3.73% fall.

The large-cap company has equity capital of Rs 60.87 crore. Face value per share is Rs 2.

It may be recalled that Castex Technologies had on 15 June 2015, allotted 1.99 crore equity shares at Rs 103.005 per share upon the conversion of foreign currency convertible bonds (FCCBs) of $41 million out of FCCBs issue of $130 million. Castex Technologies had further allotted 44.45 lakh equity shares at Rs 103.005 per share upon conversion of FCCBs of $8.2 million out of FCCBs issue of $70 million.

Meanwhile, shares of Castex Technologies were on a bull-run recently. The stock galloped 109.76% in preceeding 18 trading sessions to settle at Rs 361.85 yesterday, 13 July 2015, from a recent low of Rs 172.50 on 17 June 2015.

Castex Technologies' net profit dropped 94.6% to Rs 3.38 crore on 1.7% growth in net sales to Rs 716.70 crore in the Q2 March 2015 over Q2 March 2014.

Castex Technologies (formerly known as Amtek India) is a leading provider of iron cast automotive components in India.

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