IP Rings surges after fixing record date for rights issue

IP Rings hit 5% upper circuit at Rs 245 at 14:40 IST on BSE after the company said that it has fixed 17 January 2017 as the record date for the purpose of rights issue.

The announcement was made during market hours today, 12 January 2017.

Meanwhile, the S&P BSE Sensex was up 63.77 points or 0.23% at 27,204.18.

More than usual volumes were seen traded on the counter. On the BSE, 16,034 shares were traded on the counter so far as against the average daily volumes of 4,892 shares in the past one quarter. The stock had hit a high of Rs 255 so far during the day, which is a record high for the counter. The stock had hit a low of Rs 233.20 so far during the day. The stock had hit a 52-week low of Rs 105 on 21 March 2016.

The stock had outperformed the market over the past one month till 11 January 2017, rising 15.88% compared with the Sensex 1.47% gains. The scrip had also outperformed the market in past one quarter, rising 15.71% as against Sensex's 3.35% decline.

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

IP Rings announced after market hours yesterday, 11 January 2017, that rights issue sub-committee of the company at a meeting held on that day, fixed 23 January 2017 as the rights issue opening date and 6 February 2017 as its closing date.

IP Rings' board of directors on 4 January 2017 had approved rights issue in the ratio of four rights equity shares for every five equity shares held on the record date. 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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