Fiem Industries gains on plans to raise funds

Fiem Industries gained 1.24% to Rs 1.060 at 12:00 IST on BSE after the company's fund raising committee of the board of directors approved the allotment of 11.97 lakh equity shares to qualified institutional buyers.

The announcement was made after market hours yesterday, 19 September 2016.

Meanwhile, the S&P BSE Sensex was down 99.45 points or 0.35% at 28,535.58.

On BSE, so far 4,700 shares were traded in the counter as against average daily volume of 8,078 shares in the past one quarter. The stock hit a high of Rs 1,075 and a low of Rs 1,048 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 500 on 18 September 2015. The stock had underperformed the market over the past one month till 19 September 2016, falling 0.42% compared with Sensex's 1.99% rise. The scrip had, however, outperformed the market in past one quarter, gaining 23.29% as against Sensex's 7.54% rise.

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

Fiem Industries said that the fund raising committee of the board of directors at a meeting held yesterday, 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 1002 per share, aggregating to Rs 119.99 crore.

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.

Powered by Capital Market - Live News