Omkar Speciality jumps after NCLT OKs scheme of arrangement

Omkar Speciality Chemicals rose 6.87% to Rs 176.60 at 15:00 IST on BSE after the National Company Law Tribunal approved scheme of arrangement between the company and five other firms.

The announcement was made during trading hours today, 13 April 2017.

Meanwhile, the S&P BSE Sensex was down 129.63 points, or 0.44% to 29,513.85.

On the BSE, 1.97 lakh shares were traded in the counter so far, compared with average daily volumes of 37,870 shares in the past one quarter. The stock had hit a high of Rs 183.20 and a low of Rs 166.10 so far during the day.

The stock hit a 52-week high of Rs 197.50 on 13 April 2016. The stock hit a 52-week low of Rs 130.05 on 9 November 2016.

The stock had outperformed the market over the past one month till 12 April 2017, rising 5.42% compared with 0.68% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 1.16% as against Sensex's 8.79% rise.

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

Omkar Speciality Chemicals announced that the National Company Law Tribunal (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 11.81% to Rs 10.51 crore on 16.01% 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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