Fiem Industries extends gains after raising funds

Fiem Industries gained 1.59% to Rs 1,074.50 at 14:55 IST on BSE, with the stock extending previous session's gains triggered by the board of directors approving the allotment of shares to qualified institutional buyers.

Meanwhile, the S&P BSE Sensex was down 38.42 points or 0.13% at 28,484.78.

On BSE, so far 6,100 shares were traded in the counter as against average daily volume of 8,083 shares in the past one quarter. The stock hit a high of Rs 1,081 and a low of Rs 1,060.20 so far during the day. The stock had hit a record high of Rs 1,140 on 9 September 2016. The stock had hit a 52-week low of Rs 512.25 on 22 September 2015. The stock had underperformed the market over the past one month till 20 September 2016, gaining 0.49% compared with 1.59% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 26.65% as against Sensex's 6.16% rise.

The small-cap company has equity capital of Rs 11.96 crore. Face value per share is Rs 10.

Shares of Fiem Industries rose 0.92% to settle at Rs 1,057.65 yesterday, 20 September 2016 after the company said that the fund raising committee of the board of directors at a meeting held on 19 September 2016 approved the allotment of 11.97 lakh equity shares of face value of 10 each to qualified institutional buyers at the issue price of Rs 1,002 per share, aggregating to Rs 119.99 crore. The announcement was made by the company after market hours on 19 September 2016.

Fiem Industries' net profit rose 20.4% to Rs 11.46 crore on 19.6% growth in net sales to Rs 241.53 crore in Q1 June 2016 over Q1 June 2015.

Fiem Industries is one of the leading manufacturers of automotive lighting & signaling equipment and rear view mirror.

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