Prakash Inds hits 52-week high

Prakash Industries jumped 8.37% to Rs 170.35 at 15:20 IST on BSE, with the stock extending recent rally on the back of shareholders nod for issue of convertible equity warrants to promoters and non-promoters on preferential allotment basis.

Meanwhile, the S&P BSE Sensex was up 231.12 points or 0.69% at 33,832.80.

On the BSE, 9.17 lakh shares were traded on the counter so far as against the average daily volumes of 3.38 lakh shares in the past one quarter. The stock had hit a high of Rs 173.80 so far during the day, which is a 52-week high. The stock hit a low of Rs 158.85 so far during the day. The stock had hit a 52-week low of Rs 42.10 on 22 December 2016.

The small-cap company has equity capital of Rs 152.51 crore. Face value per share is Rs 10.

Shares of Prakash Industries have rallied 18.21% in three trading sessions to its ruling market price, from its closing of Rs 144.10 on 14 December 2017.

Prakash Industries announced during market hours yesterday, 18 December 2017 that an extra ordinary general meeting (EGM) of the company was held on 16 December 2017 and shareholders of the company approved issue of 91.07 lakh convertible equity warrants on preferential basis to promoters and non-promoters.

In a separate announcement during trading hours yesterday, 18 December 2017, Prakash Industries said that its board of directors approved payment in respect of outstanding obligations of the company on $17.85 million cash consideration due on the 5.25% April 2015 foreign currency convertible bonds (FCCBs) as per agreed terms with foreign currency convertible bonds (FCCB) holders. The payment will be made by the company on or before 31 March 2018.

Further, Prakash Industries said on 18 December 2017 that it has received notices from FCCB holders for conversion of FCCBs of $100,000 into 1.05 lakh equity shares of the company in accordance with the restructuring terms accepted by FCCB holders. Accordingly, the FCCB conversion committee of the company at its meeting held on 18 December 2017, allotted 1.05 lakh equity shares to the said FCCB holders.

Net profit of Prakash Industries rose 352.8% to Rs 65.83 crore on 29.2% rise in net sales to Rs 647.92 crore in Q2 September 2017 over Q2 September 2016.

Prakash Industries is one of the largest integrated steel manufacturers in India.

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