Kesoram Inds rises after board approves fund raising

Kesoram Industries added 1.86% to Rs 43.85 after the company said its board approved raising upto Rs 1200 crore.

The board in its meeting held on Tuesday (18 February) approved raising upto Rs 1200 crore, by way of debt, issue of equity shares, convertible securities or any other securities, by way of one or more kinds of issue, including, public issue, rights issue, preferential issue and qualified institutional placement. A committee of the board is constituted to decide further details of the fund raising, the company said in a statement during market hours today, 18 February.

In the past one month, the scrip slumped 22.66% to its current market price of Rs 43.85.

On the technical front, the stock's RSI (relative strength index) stood at 28.785. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

On a consolidated basis, Kesoram Industries reported net loss of Rs 102.42 crore in Q3 December 2019 compared with net loss of Rs 134.92 crore in Q3 December 2018. Net sales declined 12.6% to Rs 640.76 crore in Q3 December 2019 over Q3 December 2018.

Kesoram Industries is engaged in cement and automobile tire business. The company is engaged in offering tires, tubes and cement. The firm markets its automobile tires under the brand name Birla Tyres. The company markets cement under Birla Shakti brand. The firm operates over two cement manufacturing plants.

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