DS Kulkarni Developers gains after board's nod for raising funds

DS Kulkarni Developers rose 1.08% to Rs 60.60 at 11:26 IST on BSE after the company said its board has approved to offer, issue and allot non-convertible debt instruments upto a maximum sum of Rs 250 crore.

The announcement was made before market today, 9 April 2014.

Meanwhile, the S&P BSE Sensex was up 71.14 points or 0.32% at 22,414.59.

On BSE, so far 3,506 shares were traded in the counter as against average daily volume of 6,033 shares in the past one quarter.

The stock hit a high of Rs 61.40 and a low of Rs 60 so far during the day. The stock had hit a 52-week high of Rs 70 on 11 April 2013. The stock had hit a 52-week low of Rs 44.60 on 24 December 2013.

The stock had outperformed the market over the past one month till 7 April 2014, advancing 8.9% compared with the Sensex's 1.93% rise. The scrip had also outperformed the market in past one quarter, surging 8.9% as against Sensex's 7.97% rise.

The small-cap company has equity capital of Rs 25.80 crore. Face value per share is Rs 10.

DS Kulkarni Developers said that its board of directors at its meeting held on Tuesday, 8 April 2014, inter alia, approved to offer, issue and allot non-convertible debt instruments in the form of secured, redeemable, non-convertible debentures to the public (Debentures), upto a maximum sum of Rs 250 crore (including any right to retain oversubscription for issuance of additional Debentures) after complying with the relevant requirements and procedures.

DS Kulkarni Developers' net profit declined 14.5% to Rs 4.14 crore on 432.5% growth in net sales to Rs 16.88 crore in Q3 December 2013 over Q3 December 2012.

DS Kulkarni Developers is engaged in the construction of residential and commercial buildings.

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