Elantas Beck India gains after board approves selling Pune property

Elantas Beck India rose 3.61% to Rs 1,633 at 12:53 IST on BSE after the company's board of directors granted an in principle approval for selling a property in Pune.

Meanwhile, the BSE Sensex was down 90.58 points, or 0.33%, to 27,188.18.

On BSE, so far 4,610 shares were traded in the counter, compared with average daily volume of 2,599 shares in the past one quarter. The stock hit a high of Rs 1,648 and a low of Rs 1,573.05 so far during the day. The stock hit a 52-week high of Rs 1,670 on 30 June 2016. The stock hit a 52-week low of Rs 1,061.50 on 6 July 2015. The stock had outperformed the market over the past 30 days till 4 July 2016, rising 5.07% compared with 1.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.85% as against Sensex's 9.63% rise.

The small-cap company has an equity capital of Rs 7.93 crore. Face value per share is Rs 10.

The property admeasuring about 6,239 square metres is located at Pimpri Waghere on the Mumbai-Pune Road. The approval is subject to the terms and conditions to be agreed through a memorandum of understanding to be executed between the company and the buyer Sukhwani Associates. The company's board of directors will meet again on 27 July 2016 for its final approval for the proposal.

Net profit of Elantas Beck India rose 56.32% to Rs 13.49 crore on 13.4% rise in net sales to Rs 90.80 crore in Q1 March 2016 over Q1 March 2015.

Elantas Beck India manufactures a wide range of specialty chemicals for electrical insulation and construction industries.

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