Kamdhenu gains on proposal to issue warrants

Kamdhenu rose 0.95% to Rs 95.55 at 12:23 IST on BSE after the company said its board will meet on 20 April 2017, to consider issue of warrants convertible into equity shares on preferential basis.

The announcement was made after market hours yesterday, 12 April 2017.

Meanwhile, the S&P BSE Sensex was down 72.46 points, or 0.24% at 29,571.02. The S&P BSE Small-cap index was up 92.98 points, 0.63% at 14,945.25.

On the BSE, 4,130 shares were traded on the counter so far as against the average daily volumes of 17,361 shares in the past one quarter. The stock was volatile. The stock rose as much as 2.75% at the day's high of RS 97.25 so far during the day. The stock rose 0.95% at the day's low of Rs 95.55 so far during the day.

The stock had hit a record high of Rs 104 on 23 January 2017 and a 52-week low of Rs 48.50 on 12 April 2016. The stock had outperformed the market over the past one month till 12 April 2017, advancing 12.28% compared with the Sensex's 2.41% rise. The scrip had also outperformed the market over the past one quarter advancing 10.44% as against the Sensex's 8.79% rise.

The small-cap company has equity capital of Rs 23.40 crore. Face value per share is Rs 10.

Kamdhenu said that a meeting of the board of directors of the company is scheduled to be held on Thursday, 20 April 2017, to consider issue of warrants convertible into equity shares on preferential/ private placement basis.

Kamdhenu's net profit rose 3.2% to Rs 2.58 crore on 3.9% increase in net sales to Rs 221.84 crore in Q3 December 2016 over Q3 December 2015.

Kamdhenu, formerly Kamdhenu Ispat, is engaged in manufacturing, distribution, marketing, branding of steel and paints across India. The company manufactures thermo-mechanically treated (TMT) steel. Its segments include steel, paints and power (wind mills).

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