Omkar Speciality Chemicals extends gains

Omkar Speciality Chemicals rose 2.62% to Rs 180 at 11:14 IST on BSE, extending prior gains triggered by the NCLT's approval for scheme of arrangement involving the company.

Meanwhile, the S&P BSE Sensex was up 1.61 points or 0.01% at 29,463.06.

On the BSE, 49,000 shares were traded on the counter so far as against the average daily volumes of 41,119 shares in the past one quarter. The stock had hit a high of Rs 181.90 and a low of Rs 176 so far during the day.

The stock had hit a 52-week high of Rs 197.50 on 13 April 2016 and a 52-week low of Rs 130.05 on 9 November 2016. It had outperformed the market over the past one month till 13 April 2017, advancing 12.98% compared with the Sensex's 1.78% rise. The scrip had, however, underperformed the market over the past one quarter, gaining 7.34% as against the Sensex's 8.16% rise.

The small-cap company has equity capital of Rs 20.58 crore. Face value per share is Rs 10.

Shares of Omkar Speciality Chemicals have risen 8.92% in two trading sessions from its closing of Rs 165.25 on 12 April 2017, after the company announced during market hours on Thursday, 13 April 2017 that the National Company Law Tribunal (NCLT) approved scheme of arrangement between the company and five other firms. The stock had surged 6.14% to settle at Rs 175.40 on 13 April 2017. The stock market was shut on Friday, 14 April 2017, for a holiday.

Omkar Speciality Chemicals announced that the NCLT, Mumbai Bench passed an order on 13 April 2017 sanctioning the composite scheme of arrangement between Omkar Speciality Chemicals, Lasa Laboratory, Urdhwa Chemicals Company, Rishichem Research, Desh Chemicals and Lasa Supergenerics and their respective shareholders and creditors.

On a consolidated basis, net profit of Omkar Speciality Chemicals rose 11.8% to Rs 10.51 crore on 16% rise in net sales to Rs 125.69 crore in Q3 December 2016 over Q3 December 2015.

Omkar Speciality Chemicals is primarily engaged in the production of specialty chemicals and pharma intermediates.

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