Opto Circuits advances on fund raising plan

Opto Circuits (India) advanced 2.42% to Rs 31.70 at 10:19 IST on BSE after the company scheduled a board meeting on 6 May 2014 to consider fund raising through different options for various purposes.

Meanwhile, the BSE Sensex was down 17.51 points, or 0.08%, to 22,670.56

On BSE, so far 1.05 lakh shares were traded in the counter, compared with an average volume of 5.69 lakh shares in the past one quarter.

The stock hit a high of Rs 32.30 and a low of Rs 31.45 so far during the day. The stock hit a 52-week high of Rs 63.25 on 26 April 2013. The stock hit a 52-week low of Rs 17.80 on 25 June 2013.

The stock had outperformed the market over the past one month till 25 April 2014, advancing 16.79% compared with the Sensex's 2.87% rise. The scrip however, underperformed the market in past one quarter, remaining unchanged as against Sensex's 7.36% rise.

The small-cap company has an equity capital of Rs 242.32 crore. Face value per share is Rs 10.

Opto Circuits (India) announced after market hours on Friday, 25 April 2014 that a meeting of the board of directors of the company will be held on 6 May 2014, to discuss various options like FCCB/GDR/preferential allotment/private placement/issue of convertible debentures offering and any other form of raising funds for Opto Circuits (India) and/or for its Indian/overseas subsidiaries for its future expansion, growth, joint ventures, acquisition of technologies and Research and development activities.

On a consolidated basis, Opto Circuits (India) reported net loss of Rs 6.79 crore in Q3 December 2013 compared with net profit of Rs 113.26 crore in Q3 December 2012. Net sales fell 42.7% to Rs 354.33 crore in Q3 December 2013 over Q3 December 2012.

Opto Circuits (India) is a vertically integrated multinational medical technology Group that specializes in primary, acute and critical care products for the global markets.

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