Mukand advances on exit from CDR

Mukand rose 2.01% to Rs 38 at 14:46 IST on BSE after the Corporate Debt Restructuring Empowered Group confirmed the exit of the account of the company from corporate debt restructuring mechanism.

The announcement was made during market hours today, 4 June 2015.

Meanwhile, the S&P BSE Sensex was down 15.85 points or 0.06% at 26,821.35

On BSE, so far 84,235 shares were traded in the counter as against average daily volume of 23,464 shares in the past one quarter.

The stock hit a high of Rs 41.50 and a low of Rs 36.70 so far during the day. The stock had hit a 52-week high of Rs 64.10 on 20 January 2015. The stock had hit a 52-week low of Rs 33.30 on 14 July 2014.

The stock had underperformed the market over the past one month till 3 June 2015, falling 14.37% compared with 0.64% decline in the Sensex. The scrip also underperformed the market in past one quarter, sliding 31.53% as against Sensex's 9.31% fall.

The small-cap company has equity capital of Rs 141.41 crore. Face value per share is Rs 10.

Mukand said that the company was under Financial Restructuring Scheme dated 22 July 2003 approved by the Corporate Debt Restructuring Empowered Group (CDR EG) set up by the Reserve Bank of India. The CDR EG meeting held on 24 April 2015, the Minutes of which were confirmed by CDR EG at its meeting held on 29 May 2015, confirmed the decision vide its letter dated 1 June 2015 the exit of the account of Mukand from CDR mechanism.

Mukand reported a net loss of Rs 4.07 crore in Q4 March 2015, lower than net loss of Rs 8.79 crore in Q4 March 2014. Net sales fell 6% to Rs 650.06 crore in Q4 March 2015 over Q4 March 2014.

Mukand is engaged in manufacture of alloy and stainless steel long products.

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