Indo Rama Synthetics jumps after board OKs issuing equity shares

Indo Rama Synthetics (India) rose 7.45% to Rs 22.35 at 10:05 IST on BSE after the company said its board approved preferential issue of equity shares to EC Special Situations Fund and Edelweiss India Special Situations Fund - II.

The announcement was made after market hours yesterday, 28 June 2018.

Meanwhile, the S&P BSE Sensex was up 154.37 points, or 0.44% to 35,192.01.

On the BSE, 7,618 shares were traded in the counter so far compared with average daily volumes of 13,000 shares in the past two weeks. The stock had hit a high of Rs 23 and a low of Rs 21.45 so far during the day. The stock hit a 52-week high of Rs 57.50 on 15 January 2018. The stock hit a 52-week low of Rs 20.30 on 28 June 2018.

Indo Rama Synthetics (India) said its board approved issuing 90.90 lakh equity shares by way of preferential issue on private placement basis to EC Special Situations Fund and Edelweiss India Special Situations Fund - II.

Indo Rama Synthetics (India) reported net loss of Rs 30.29 crore in Q4 March 2018 as against net loss of Rs 14.83 crore in Q4 March 2017. Net sales declined 5.49% to Rs 519.92 crore in Q4 March 2018 over Q4 March 2017.

Indo Rama Synthetics (India) offers a wide range of polyester products which include polyester staple fibre (PSF), partially oriented yarn (POY), draw texturised yarn (DTY), fully drawn yarn (FDY) and polyester chips.

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