Max Ventures slides after board OKs rights issue

Max Ventures and Industries fell 3.78% to Rs 89.20 at 11:05 IST on BSE after the company said its board approved raising up to Rs 450 crore via rights issue of shares.

The announcement was made after market hours yesterday, 15 January 2018.

Meanwhile, the S&P BSE Sensex was down 25.12 points, or 0.07% to 34,818.39.

On the BSE, 24,000 shares were traded in the counter so far, compared with average daily volumes of 29,000 shares in the past two weeks. The stock had hit a high of Rs 95 and a low of Rs 88.50 so far during the day. The stock hit a record high of Rs 113.50 on 12 April 2017. The stock hit a 52-week low of Rs 65.50 on 1 February 2017.

On a consolidated basis, Max Ventures and Industries reported net loss of Rs 0.03 crore in Q2 September 2017 as against net profit of Rs 0.29 crore in Q2 September 2016. Net sales rose 3.34% to Rs 177.21 crore in Q2 September 2017 over Q2 September 2016.

Max Ventures and Industries, a part of the Max Group, is the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business.

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