Ess Dee Aluminium jumps after RBI hikes FII limit

Ess Dee Aluminium jumped 6.70% to Rs 568 at 14:19 IST on BSE after the Reserve Bank of India on Monday, 9 December 2013, allowed foreign institutional investors and non-resident Indians to increase stake in the company.

Meanwhile, the BSE Sensex was down 78.95 points, or 0.37%, to 21,247.47.

On BSE, 1.09 lakh shares were traded in the counter compared with average volume of 19,331 shares in the past one quarter.

The stock hit a high of Rs 584 and a low of Rs 536 so far during the day. The stock hit a 52-week high of Rs 617 on 18 June 2013. The stock hit a 52-week low of Rs 252.30 on 20 March 2013.

The stock had underperformed the market over the past one month till 9 December 2013, rising 1.55% compared with the Sensex's 3.19% rise. The scrip had also underperformed the market in past one quarter, rising 5.96% as against Sensex's 10.67% rise.

The small-cap company has an equity capital of Rs 32.05 crore. Face value per share is Rs 10.

The limit on investments in Ess Dee Aluminium's equity shares and convertible debentures by foreign institutional investors through primary market and stock exchanges was raised to 100%, the Reserve Bank of India (RBI) said.

Non-resident Indians (NRI) and Persons of Indian Origin (PIO) can invest in up to 24% of the company's paid-up capital, according to the RBI.

On a consolidated basis, Ess Dee Aluminum's net profit fell 38.1% to Rs 9.37 crore on 1.9% fall in net sales to Rs 176.36 crore in Q2 September 2013 over Q2 September 2012.

Ess Dee Aluminum manufactures aluminium foils for packaging purpose.

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