Rain Commodities slumps after bulk deal

Rain Commodities lost 5.56% to Rs 45 at 14:53 IST on BSE after 0.54% equity changed hands in a bulk deal on the BSE today, 14 May 2013.

A bulk deal of 18.51 lakh shares was executed on the Rain Commodities counter at Rs 46.60 per share at 10:19 IST on the BSE today, 14 May 2013.

Meanwhile, the S&P BSE Sensex was up 45.84 points or 0.23% at 19,737.51.

On BSE, 19.24 lakh shares were traded in the counter as against average daily volume of 92,968 shares in the past one quarter.

The stock hit a high of Rs 48 and a low of Rs 44 so far during the day. The stock had hit a 52-week low of Rs 31.30 on 27 July 2012. The stock had hit a 52-week high of Rs 51.40 on 11 April 2013.

The stock had underperformed the market over the past one month till 13 May 2013, rising 0.11% compared with the Sensex's 7.94% rally. The scrip had, however, outperformed the market in past one quarter, jumping 33.66 % as against Sensex's 0.43% rise.

The small-cap company has equity capital of Rs 68.32 crore. Face value per share is Rs 2.

Rain Commodities' consolidated net profit declined 39.6% to Rs 111.58 crore on 88.2% growth in net sales to Rs 2740.07 crore in Q1 March 2013 over Q1 March 2012. The Q1 result was announced after market hours on Monday, 13 May 2013.

On 4 January 2013, Rain CII Carbon LLC, USA (RCC), a wholly owned step down subsidiary of Rain Commodities acquired RUETGERS N.V. (RUETGERS), a Belgium-headquartered coal tar distiller, from investment fund managed by Triton (the previous owner) after receiving the necessary regulatory approvals. RCC acquired 100% of the shares of RUETGERS for a gross enterprise value of euro 702 million plus certain contingent payments not exceeding euro 27 million during the next three years. RCC funded the transaction through a combination of internal cash accruals and proceeds from the issuance of senior secured notes. RCC issued two tranches of senior secured notes with an 8-year tenure consisting of $400 million dollar denominated notes and euro 210 million of euro denominated notes, Rain Commodities said.

Rain Commodities commenced buyback of shares through open market transactions on 22 October 2012 and bought back 78.27 lakh equity shares of face value of Rs 2 each up to 25 March 2013, being the date of closure of buyback offer, for an aggregate amount of Rs 29.76 crore.

Rain Commodities and its wholly owned subsidiaries, Rain CII Carbon (India) and Rain CII Carbon LLC, USA are engaged in the production of cement, calcined petroleum coke (CPC) and power.

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