Jindal Stainless gains as board to consider issue of shares

Jindal Stainless rose 1.29% to Rs 39.20 at 11:35 IST on BSE after the company scheduled a board meeting on 23 December 2016, to consider issue of shares to lenders and promoters of the company on preferential basis.

The announcement was made after market hours on Friday, 16 December 2016.

Meanwhile, the BSE Sensex was down 47.82 points, or 0.18%, to 26,441.74

On BSE, so far 19,000 shares were traded in the counter, compared with average daily volume of 2.07 lakh shares in the past one quarter. The stock hit a high of Rs 40 and a low of Rs 39.20 so far during the day. The stock hit a 52-week high of Rs 44.70 on 21 October 2016. The stock hit a record low of Rs 14.20 on 2 June 2016. The stock had outperformed the market over the past 30 days till 16 December 2016, rising 7.65% compared with the 1% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 68.26% as against Sensex's 7.38% decline.

The small-cap company has equity capital of Rs 79.89 crore. Face value per share is Rs 2.

Jindal Stainless said that the meeting of the board of directors of the company will be held on 23 December 2016, to consider and approve the issuance of equity shares/preference shares to the lenders of the company on preferential basis upon conversion of Funded Interest Term Loan I & II (FITL). The board will also consider and approve issuance of convertible warrants/equity shares to the promoter group of companies on preferential basis.

Jindal Stainless reported net loss of Rs 65 crore in Q2 September 2016, lower than net loss of Rs 122.87 crore in Q2 September 2015. Net sales rose 24.79% to Rs 1911.22 crore in Q2 September 2016 over Q2 September 2015.

Jindal Stainless is engaged in manufacturing of stainless steel.

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