Dynamatic Technologies surges on preferential allotment to promoters

Dynamatic Technologies was locked at 5% upper circuit at Rs 1209.40 at 14:51 IST on BSE after the company said it has allotted equity shares to promoters on conversion of warrants.

The announcement was made during market hours today, 5 June 2014.

Meanwhile, the S&P BSE Sensex was up 155.02 points or 0.62% at 24,960.85.

On BSE, so far 7,915 shares were traded in the counter as against average daily volume of 6,683 shares in the past one quarter.

The stock's current price of Rs 1209.40 is also its 52-week high for the counter. The stock hit a low of Rs 1185 so far during the day. The stock had hit a 52-week low of Rs 465 on 27 August 2013.

The stock had outperformed the market over the past one month till 4 June 2014, surging 40.09% compared with the Sensex's 10.72% rise. The scrip had also outperformed the market in past one quarter, galloping 128.29% as against Sensex's 16.95% rise.

The small-cap company has equity capital of Rs 5.41 crore. Face value per share is Rs 10.

Dynamatic Technologies said that on March 25, 2013, the shareholders of the company had approved preferential issue of convertible warrants to Mr. Udayant Malhoutra and Wavell Investments Private Limited, Promoters of the Company.

With Rs 13 crore being brought in by Mr. Udayant Malhoutra, the board of directors of the company have approved allotment of 2.17 lakh equity shares to Mr. Udayant Malhoutra by conversion of the convertible warrants held by Mr. Udayant Malhoutra, at the rate of Rs 10 each, issued at a premium of Rs 787.78, by passing a resolution by circulation under section 175 of the Companies Act, 2013, Dynamatic Technologies said.

On consolidated basis, Dynamatic Technologies reported a net profit of Rs 13.21 crore in Q4 March 2014 as against net loss of Rs 21.76 crore in Q4 March 2013. Net sales rose 11.6% to Rs 426.56 crore in Q4 March 2014 over Q4 March 2013.

Dynamatic Technologies designs and builds highly engineered products for automotive, aeronautic, hydraulic and security applications.

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