Cox & Kings advances after closure of QIP

Cox & Kings rose 1.83% to Rs 295.05 at 11:14 IST on BSE after the company said its committee of board of directors at a meeting held yesterday, 25 November 2014, approved the closure of qualified institutional placement.

The announcement was made before market hours today, 26 November 2014.

Meanwhile, the S&P BSE Sensex was down 43.29 points or 0.15% at 28,294.76.

On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 1.25 lakh shares in the past one quarter.

The stock hit a high of Rs 297.30 and a low of Rs 289.25 so far during the day. The stock had hit a record high of Rs 366.30 on 16 September 2014. The stock had hit a 52-week low of Rs 94 on 11 December 2013.

The stock had underperformed the market over the past one month till 25 November 2014, declining 2.72% compared with the Sensex's 5.54% rise. The scrip had also underperformed the market in past one quarter, sliding 0.03% as against Sensex's 7.19% rise.

The mid-cap firm has equity capital of Rs 68.26 crore. Face value per share is Rs 5.

Cox & Kings said that the Committee of board of directors at its meeting held yesterday, 25 November 2014, approved the issue price of Rs 305 per share (including Rs 300 per share towards securities premium), for equity shares to be allotted to eligible qualified institutional buyers (QIBs) in the qualified institutional placement (QIP).

Cox & Kings reported a consolidated net loss of Rs 94.23 crore in Q2 September 2014 compared with net profit of Rs 263.73 crore in Q2 September 2013. Net sales rose 5.9% to Rs 867.47 crore in Q2 September 2014 over Q2 September 2013.

Cox & Kings is the longest established travel company in the world. Its distinguished history began in 1758 when it was appointed as general agents to the regiment of Foot Guards in India under the command of Lord Ligonier.

Powered by Capital Market - Live News