Nitin Spinners moves up on fund raising plan

Nitin Spinners gained 1.53% to Rs 109.60 at 9:25 IST on BSE after the company said that its board of directors approved issue of 6.68 lakh shares to one of the company's promoters, namely, Redial Trading & Investment.

The announcement was made on Saturday, 24 February 2018.

Meanwhile, the S&P BSE Sensex was up 168.60 points, or 0.49% at 34,310.75. The S&P BSE Small-cap index was up 132.13 points, 0.73% at 18,128.35, outperforming the Sensex.

On the BSE, 100 shares were traded on the counter so far as against the average daily volumes of 41,434 shares in the past one quarter. The stock had hit a high of Rs 109.85 and a low of Rs 109.55 so far during the day. The stock had hit a 52-week high of Rs 145 on 8 May 2017. The stock had hit a 52-week low of Rs 90.80 on 8 March 2017.

The stock had outperformed the market over the past one month till 23 February 2018, falling 1.95% compared with the Sensex's 5.53% fall. The scrip had, however, underperformed the market over the past one quarter sliding 1.68% as against the Sensex's 1.65% rise. The scrip had also underperformed the market over the past one year advancing 11.17% as against the Sensex's 18.17% rise.

The small-cap company has equity capital of Rs 55.22 crore. Face value per share is Rs 10.

Nitin Spinners said that its board of directors approved issue of 6.68 lakh shares to one of the company's promoters, namely, Redial Trading & Investment at an issue price of Rs 120.50 per share on preferential basis aggregating Rs 8.05 crore.

Nitin Spinners' net profit rose 10% to Rs 16.76 crore on 15.7% rise in net sales to Rs 287.10 crore in Q3 December 2017 over Q3 December 2016.

Nitin Spinners is engaged in the textiles business. The company manufactures a range of yarn which includes open end yarns, multifold open end yarns, ring spun combed yarns, multifold ring spun yarns, S and Z twist yarns, dyeable cheese cones and organic cotton yarns and blends.

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