CMI moves higher on allotment of shares to promoter group

CMI rose 3.23% to Rs 185.55 at 10:33 IST on BSE after the company said the board has allotted equity shares to Promoter group.

The announcement was made after market hours yesterday, 17 April 2017.

Meanwhile, the S&P BSE Sensex was up 269.19 points, or 0.92% at 29,682.85. The S&P BSE Small-cap index was up 163.65 points, 1.09% at 15,117.81.

On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 50,501 shares in the past one quarter. The stock had hit a high of Rs 186 and a low of Rs 182.10 so far during the day.

The stock had hit a 52-week high of Rs 269 on 20 April 2016 and a 52-week low of Rs 118.10 on 9 November 2016. The stock had outperformed the market over the past one month till 17 April 2017, advancing 2.28% compared with the Sensex's 0.79% decline. The scrip had, however, underperformed the market over the past one quarter declining 10.51% as against the Sensex's 8% rise.

The small-cap company has equity capital of Rs 14.78 crore. Face value per share is Rs 10.

CMI said that its board of directors on 17 April 2017 approved the allotment of 2.5 lakh equity shares having face value Rs 10 each at a premium of Rs 290 per equity share to promoter/promoter group.

Total promoter holding stood at 42.59% as per shareholding pattern as on 31 December 2016.

CMI's consolidated net profit fell 57.6% to Rs 2.04 crore on 12.5% increase in net sales to Rs 74.72 crore in Q3 December 2016 over Q3 December 2015.

CMI is in the business of manufacturing Jelly Filled Telecom Cables (JFTC).

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