Lakshmi Overseas gallops after mulling issuance of convertible warrants

Lakshmi Overseas Industries jumped 13.84% to Rs 20.15 at 13:10 IST on BSE after the company scheduled a board meeting for considering issuance of convertible warrants to promoters/promoter group on preferential basis.

Meanwhile, the BSE Sensex was down 469.16 points, or 1.85%, to 24,937.17

On BSE, so far 4.25 lakh shares were traded in the counter compared with average volume of 37,372 shares in past one quarter. The stock hit a high of Rs 20.90 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 18.50 so far during the day. The stock hit a 52-week low of Rs 8.21 on 6 July 2015. The stock had outperformed the market over the past one month till 6 January 2016, rising 18.39% compared with 0.90% decline in the Sensex. The stock also outperformed the market in past one quarter, surging 47.01% as against Sensex's 5.67% fall.

The small-cap company has an equity capital of Rs 13.30 crore. Face value per share is Rs 2.

Lakshmi Overseas Industries after trading hours yesterday, 6 January 2016 said that a meeting of the board of directors of the company will be held on 11 January 2016, inter alia, for considering issuance of convertible warrants to promoters/promoter group on preferential basis subject to shareholders' approval and necessary regulatory approvals

On a consolidated basis, Lakshmi Overseas Industries reported net loss of Rs 4.03 crore in Q2 September 2015, lower than net loss of Rs 10.35 crore in Q2 September 2014. Total income rose 23.4% to Rs 247.22 crore in Q2 September 2015 over Q2 September 2014.

Lakshmi Overseas Industries is engaged in processing of rice of various varieties and grades, edible oil, whole wheat flour and green power generation.

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