DCW spurts after preferential allotment of shares to promoters

DCW surged 7.88% to Rs 22.60 at 14:04 IST on BSE after the company said it has allotted 48.80 lakh equity shares and also 26.12 lakh convertible warrants to promoters and business associates on preferential allotment basis.

The announcement was made during market hours today, 24 November 2015.

Meanwhile, the S&P BSE Sensex was up 18.16 points or 0.07% at 25,837.50.

On BSE, so far 5.35 lakh shares were traded in the counter as against average daily volume of 2.05 lakh shares in the past one quarter.

The stock hit a high of Rs 23.25 and a low of Rs 20.90 so far during the day. The stock had hit a 52-week high of Rs 24.90 on 23 July 2015. The stock had hit a 52-week low of Rs 14.85 on 16 February 2015.

The stock had underperformed the market over the past one month till 23 November 2015, sliding 6.26% compared with Sensex's 6.01% fall. The scrip had, however, outperformed the market in past one quarter, surging 5.28% as against Sensex's 5.65% fall.

The small-cap company has equity capital of Rs 42.70 crore. Face value per share is Rs 2.

DCW said it has allotted 48.80 lakh equity shares at Rs 23 per share and also 26.12 lakh convertible warrants at an issue price of Rs 23 per warrant to promoters and business associates on preferential allotment basis.

DCW's net profit rose 109% to Rs 5.58 crore on 9.7% growth in net sales to Rs 347.97 crore in Q2 September 2015 over Q2 September 2014.

DCW is engaged in the manufacture and sale of chemicals.

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