CMI moves up as board mulls preferential allotment

CMI rose 3.7% to Rs 314.10 at 11:42 IST on BSE after the company said that its board will meet on 19 March 2016, to consider preferential allotment to promoter group, associates and non-promoters.

The announcement was made after market hours on Friday, 11 March 2016.

Meanwhile, the S&P BSE Sensex was up 135.34 points or 0.55% at 24,853.33.

On BSE, so far 32,000 shares were traded in the counter as against average daily volume of 59,685 shares in the past one quarter. The stock hit a high of Rs 322 and a low of Rs 309.50 so far during the day. The stock had hit a record high of Rs 423.90 on 27 January 2016. The stock had hit a 52-week low of Rs 84.50 on 20 March 2015. The stock had underperformed the market over the past one month till 11 March 2016, declining 8.04% compared with the Sensex's 7.7% rise. The scrip had also underperformed the market in past one quarter, sliding 21.32% as against Sensex's 1.3% fall.

The small-cap company has equity capital of Rs 13.38 crore. Face value per share is Rs 10.

CMI said that its board of directors will meet on 19 March 2016, to consider issue of equity shares/warrants/convertible securities on preferential basis to promoter group, associates and non promoters and to decide the relevant date for the purpose of preferential issue. The board would also consider the allotment 7 lakh equity shares in lieu of 7 lakh convertible warrants. Further, the board would discuss current business developments and future plans.

CMI's net profit rose 139.3% to Rs 4.81 crore on 80.6% growth in net sales to Rs 66.44 crore in Q3 December 2015 over Q3 December 2014.

CMI is engaged in manufacturing of special type of cables as per national/international specifications to meet the critical requirements of its customers.

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