Fiberweb (India) recovers as board recommends 1:1 bonus issue

Fiberweb (India) gained 4.84% to Rs 336.60 at 12:10 IST on BSE after the company said that its board of directors in a meet held today, 5 December 2017, recommended 1:1 bonus issue of shares.

The announcement was made during market hours today, 5 December 2017.

Meanwhile, the S&P BSE Sensex was down 110.28 points or 0.34% at 32,759.44. The S&P BSE Small-Cap index was down 78.27 points or 0.44% at 17,846.10, underperforming the Sensex.

More than usual volumes were witnessed on the counter. On the BSE, 1.13 lakh shares were traded on the counter so far as against the average daily volumes of 97,490 shares in the past one quarter. The stock had hit a high of Rs 336.80 and a low of Rs 311 so far during the day. The stock had hit a record high of Rs 389 on 16 May 2017 and a 52-week low of Rs 123.75 on 2 December 2016.

The stock had slumped 8.93% in two sessions to settle at Rs 321.05 yesterday, 4 December 2017, from a close of Rs 352.55 on 30 November 2017.

The stock had outperformed the market over the past one month till 4 December 2017, gaining 11.11% compared with the Sensex's 2.42% decline. The stock had also outperformed the market over the past one quarter, advancing 4.22% as against the Sensex's 3.68% rise. The scrip had also outperformed the market over the past one year, jumping 156.02% as against the Sensex's 25.31% rise.

The small-cap company has equity capital of Rs 14.40 crore. Face value per share is Rs 10.

On a consolidated basis, Fiberweb (India)'s net profit jumped 202.8% to Rs 8.51 crore on 181.6% growth in net sales to Rs 62.12 crore in Q2 September 2017 over Q2 September 2016.

Fiberweb (India) makes and exports garbage bags and carrier bags. The company has also established its flagship unit for spun bond nonwoven fabrics, being the first of its kind in India.

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