IP Rings retracts from record high on profit booking

IP Rings lost 1.71% at Rs 236 at 9:34 IST on BSE, with the stock sliding on profit booking after Thursday's rally triggered by the company's board finalising the terms of rights issue of shares.

Meanwhile, the S&P BSE Sensex was up 59.93 points or 0.22% at 26,938.17.

On the BSE, 5,967 shares were traded on the counter so far as against the average daily volumes of 7,914 shares in the past two weeks. The stock had hit a high of Rs 254.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 211.15 so far during the day. The stock had hit a 52-week low of Rs 91 on 5 January 2016.

The small-cap company has equity capital of Rs 7.04 crore. Face value per share is Rs 10.

Shares of IP Rings had rallied by the maximum permissible circuit level of 20% to settle at Rs 240.10 yesterday, 5 January 2017, after the company's announcement after market hours on 4 January 2017 that its board on that day, finalised the rights entitlement terms.

IP Rings' board approved rights issue in the ratio of four rights equity shares for every five equity shares held on the record date i.e. 16 January 2017. The rights issue price was fixed at Rs 88.75 per share.

IP Rings reported net loss of Rs 1.40 crore in Q2 September 2016, higher than net loss of Rs 0.45 crore in Q2 September 2015. Net sales rose 56.8% to Rs 42.27 crore in Q2 September 2016 over Q2 September 2015.

IP Rings is an automotive components manufacturer.

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