Kajaria Ceramics bucks trend after board OKs preferential issue of shares

Kajaria Ceramics spurted 7.37% to Rs 247.05 at 14:20 IST on BSE after the company said its board approved issuing 20 lakh equity shares on a preferential basis to WestBridge Crossover Fund.

The company made the announcement after market hours on Monday, 11 November 2013.

Meanwhile, the BSE Sensex was down 87.36 points, or 0.43%, to 20,403.60.

On BSE, 1.14 lakh shares were traded in the counter compared with average volume of 15,170 shares in the past one quarter.

The stock hit a high of Rs 259.40 and a low of Rs 230 so far during the day. The stock hit a record high of Rs 261.40 on 5 December 2012. The stock hit a 52-week low of Rs 174 on 22 March 2013.

The stock had underperformed the market over the past one month till 11 November 2013, falling 1.12% compared with the Sensex's 0.18% fall. The scrip had also underperformed the market in past one quarter, sliding 1.65% as against Sensex's 9.06% rise.

The small-cap company has an equity capital of Rs 14.72 crore. Face value per share is Rs 2.

Kajaria Ceramics said that its board in a meeting held on 11 November 2013, approved issuing 20 lakh equity shares to WestBridge Crossover Fund LLC on a preferential basis at Rs 250 per share.

Kajaria Ceramics' consolidated net profit rose 1.4% to Rs 26.92 crore on 23% growth in net sales to Rs 478.10 crore in Q2 September 2013 over Q2 September 2012.

Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India.

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