Dynamatic Technologies turns volatile after board's nod for QIP

Dynamatic Technologies lost 1.51% to Rs 1,834 at 11:33 IST on BSE after the company said that its board approved the issue of equity shares by way of qualified institutional placement and/or preferential allotment.

The announcement was made after market hours on Monday, 8 September 2014.

Meanwhile, the S&P BSE Sensex was down 82.41 points or 0.3% at 27,237.44.

On BSE, so far 362 shares were traded in the counter as against average daily volume of 4,734 shares in the past two weeks.

The stock was volatile. The stock lost as much as 1.5% at the day's low of Rs 1,834 so far during the day. The stock rose as much as 2.03% at the day's high of Rs 1,900 so far during the day. The stock had hit a record high of Rs 2,004 on 2 September 2014. The stock had hit a 52-week low of Rs 481 on 10 September 2013.

Dynamatic Technologies said that its board of directors at its meeting held on Monday, 8 September 2014, approved the issue of equity shares by way of qualified institutional placement (QIP) and/or preferential allotment (PA) and in this regard, have authorized Finance Committee of the Board to do all necessary, acts, deeds and things as may be required to give effect to the QIP/PA including but not limited to deciding the terms of offer, the size of offer, pricing, deciding the relevant date, the date/time and venue of Extraordinary General Meeting etc.

Dynamatic Technologies reported a consolidated net loss of Rs 11.01 crore in Q1 June 2014, higher than net loss of Rs 10.40 crore in Q1 June 2013. Net sales rose 20.2% to Rs 421.70 crore in Q1 June 2014 over Q1 June 2013.

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

Powered by Capital Market - Live News