Ind-Swift extends gains on board's nod for preferential share allotment to promoters

Ind-Swift surged 4.57% to Rs 8.47 at 13:08 IST on BSE, with the stock extending Friday's 1.25% gains triggered by the company's board approving the allotment of 41.68 lakh equity shares at Rs 17.50 per share to promoters group on preferential basis.

Meanwhile, the S&P BSE Sensex was down 49.14 points or 0.24% at 20,802.19.

On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 6,081shares in the past one quarter.

The stock was volatile. The stock rose as much as 4.93% at the day's high of Rs 8.50 so far during the day. The stock rose 1.85% at the day's low of Rs 8.25 so far during the day. The stock had hit a 52-week high of Rs 17.55 on 9 January 2013. The stock had hit a 52-week low of Rs 4.35 on 7 August 2013.

The stock had outperformed the market over the past one month till 3 January 2014, surging 35.45% compared with the Sensex's 0.02% fall. The scrip had also outperformed the market in past one quarter, galloping 47.27% as against Sensex's 4.77% rise.

The small-cap company has equity capital of Rs 9.24 crore. Face value per share is Rs 2.

Shares of Ind-Swift have surged 5.87% in two trading sessions from a recent low of Rs 8 on 2 January 2014 after the company at the fag end of the trading hours on Friday, 3 January 2014 said that the sub committee of the board of directors of the company in its meeting held on Friday, 3 January 2014 has approved the allotment of 41.68 lakh equity shares at Rs 17.50 per share to promoters & promoters group on preferential basis as per the resolution passed by the shareholders of the company at the annual general meeting held on 30 September 2013. The stock had risen 1.25% to settle at Rs 8.10 on Friday, 3 January 2014.

Total promoter holding in Ind-Swift as on 30 September 2013 stood at 47.87%.

Ind-Swift reported a net loss of Rs 41.40 crore in Q2 September 2013, higher than net loss of Rs 27.33 crore in Q2 September 2012. Net sales rose 26.8% to Rs 207.42 crore in Q2 September 2013 over Q2 September 2012.

Ind-Swift is a leading manufacturers of high growth multi-segment pharmaceutical finished dosage forms & herbal products in India.

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