Kernex Microsystems jumps on plans to sell immovable properties

Kernex Microsystems (India) was locked at 5% upper circuit at Rs 43.85 at 9:50 IST on BSE after the company said that its board of directors will meet on 15 July 2015, inter alia, to consider sale of some of the immovable properties of the company.

The announcement was made after market hours yesterday, 13 July 2015.

Meanwhile, the S&P BSE Sensex was down 40.33 points or 0.14% at 27,920.86.

On BSE, so far 639 shares were traded in the counter as against average daily volume of 4,797 shares in the past one quarter.

The stock opened with an upward gap surging by the maximum permissible level of 5% and remained locked at 5% level at Rs 43.85 so far during the day. The stock had hit a 52-week high of Rs 71.20 on 4 December 2014. The stock had hit a 52-week low of Rs 32.85 on 27 March 2015.

The stock had underperformed the market over the past one month till 13 July 2015, advancing 3.34% compared with the Sensex's 5.81% rise. The scrip had, however, outperformed the market in past one quarter, rising 4.24% as against Sensex's 3.73% fall.

The small-cap company has equity capital of Rs 12.50 crore. Face value per share is Rs 10.

Kernex Microsystems (India) reported net loss of Rs 4.05 crore in Q4 March 2015, higher than net loss of Rs 0.56 crore in Q4 March 2014. Net sales dropped 11.7% to Rs 7.19 crore in Q4 March 2015 over Q4 March 2014.

Kernex Microsystems (India) is engaged in the manufacture and sale of anti-collision systems for the railways.

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