Jayaswal Neco gains as board to consider preferential allotment

Jayaswal Neco Industries rose 1.41% at Rs 15.10 at 14:47 IST on BSE after the company said its board will meet on 25 June 2014, to consider issue of equity shares on preferential allotment basis to select group of companies.

The announcement was made during market hours today, 20 June 2014.

Meanwhile, the S&P BSE Sensex was down 40.97 points or 0.16% at 25,160.83.

On BSE, so far 1.13 lakh shares were traded in the counter as against average daily volume of 1.42 lakh shares in the past one quarter.

The stock hit a high of Rs 15.50 and a low of Rs 14.32 so far during the day. The stock had hit a 52-week high of Rs 17.65 on 23 May 2014. The stock had hit a 52-week low of Rs 5.51 on 6 August 2013.

The stock had outperformed the market over the past one month till 19 June 2014, advancing 13.58% compared with the Sensex's 3.44% rise. The scrip had also outperformed the market in past one quarter, jumping 88.01% as against Sensex's 15.43% rise.

The small-cap company has equity capital of Rs 598.63 crore. Face value per share is Rs 10.

Jayaswal Neco Industries' net profit jumped 208.6% to Rs 30.46 crore on 45.4% growth in net sales to Rs 934.03 crore in Q4 March 2014 over Q4 March 2013.

Jayaswal Neco Industries is the flagship company of Neco Group of Industries, which has grown to be India's largest producer of iron & steel castings with an installed capacity of 140,000 MTPA. Its foundries are located across Maharashtra & Chhattisgarh.

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