Max Ventures jumps in the wake of shareholding rejig

Max Ventures and Industries surged 6.8% to Rs 53.40 at 12:21 IST on BSE in the wake of recent rejig in the company's shareholding via bulk deal mechanism on the stock exchanges.

Meanwhile, the S&P BSE Sensex was up 81.45 points or 0.31% at 26,475.46.

On the BSE, 96,000 shares were traded on the counter so far as against the average daily volumes of 94,006 shares in the past one quarter. The stock had hit a high of Rs 54 and a low of Rs 51.85 so far during the day. The stock had hit a record high of Rs 85.80 on 7 July 2016. The stock had hit a record low of Rs 43.30 on 21 November 2016. The stock had underperformed the market over the past one month till 29 November 2016, declining 7.06% compared with the Sensex's 5.54% fall. The scrip had also underperformed the market in past one quarter, sliding 11.03% as against the Sensex's 5.41% fall.

The small-cap company has equity capital of Rs 53.40 crore. Face value per share is Rs 10.

Xenox sold 17.78 lakh shares of Max Ventures and Industries (MVIL) to Siva Enterprises at Rs 50.50 per share in a block deal on the NSE on 29 November 2016. Xenox held 5.27% stake in MVIL end September 2016. Meanwhile, Ambika Anil Raika bought 2.70 lakh shares of the company at Rs 51.03 per share in a bulk deal on the NSE on 28 November 2016.

Max Ventures and Industries' consolidated net profit fell 77.5% to Rs 0.45 crore on 10.85% growth in net sales to Rs 169.89 crore in Q2 September 2016 over Q1 June 2016.

Max Ventures and Industries, through its subsidiaries, manufactures and sells biaxial oriented polypropylene films.

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