Enkei Wheels (India) jumps after plans to consider preferential issue to promoter

Enkei Wheels (India) jumped 8.71% to Rs 189.70 at 13:40 IST on BSE after the meeting of the company's board of directors will be held on 25 November 2015, to consider the preferential issue of shares to its promoter, Enkei Corporation, Japan.

The company made announcement on Saturday, 21 November 2015.

Meanwhile, the BSE Sensex was down 32.45 points, or 0.13%, to 25,836.04.

On BSE, so far 11,550 shares were traded in the counter, compared with an average volume of 11,143 shares in the past two weeks.

The stock hit a high of Rs 195 and a low of Rs 180 so far during the day. The stock hit a 52-week high of Rs 237.10 on 4 August 2015. The stock hit a 52-week low of Rs 106.60 on 3 June 2015.

The stock had underperformed the market over the past one month till 20 November 2015, falling 6.58% compared with 5.27% decline in the Sensex. The scrip had also underperformed the market in past one quarter, shedding 6.58% as against Sensex's 6.3% decline.

The small-cap auto component maker has an equity capital of Rs 6.71 crore. Face value per share is Rs 5.

Enkei Wheels (India)'s net profit rose 6.1% to Rs 2.26 crore on 13.1% rise in net sales to Rs 107.62 crore in Q2 September 2015 over Q2 September 2014.

Enkei Wheels (India) is a manufacturer of the aluminum alloy wheels to two wheelers as well as four wheelers. It's a part of Enkei Group which is a Global Leader in this segment. Enkei Wheels (India) came into existence by way of Demerger of Alicon Castalloy (Formerly known as Enkei Castalloy).

The promoter, Enkei Corporation, Japan holds 66.48% stake in the firm, as per the shareholding pattern as on 30 September 2015.

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