Ricoh India extends recent rally to scale record high

Ricoh India was locked at 10% upper circuit at Rs 103.75 at 11:26 IST on BSE, with the stock extending recent rally triggered by the company's board of directors approving delisting proposal of foreign promoters.

Meanwhile, the S&P BSE Sensex was up 334.51 points or 1.66% at 20,528.91

On BSE, 2.07 lakh shares were traded in the counter with pending buy orders of 2.43 lakh shares at upper circuit.

The scrip opened with an upward gap, surging by the maximum 10% daily circuit and remained locked at the 10% level at Rs 103.75 so far in the day, which is also its record high. The stock hit a 52-week low of Rs 32.65 on 26 March 2013.

The small-cap company has an equity capital of Rs 39.77 crore. Face value per share is Rs 10.

Shares of Ricoh India jumped 20% on Monday, 11 November 2013 after the company during market hours said that its board of directors at its meeting held on Monday, 11 November 2013 approved a proposal of foreign promoters to delist shares of the company from the Bombay Stock Exchange (BSE). Japan's Ricoh plans to acquire upto 1.04 crore shares of Ricoh India from the public shareholders, representing 26.40% stake. Foreign promoters owned 73.6% stake in Indian unit as on 30 September 2013. Shares of Ricoh India gained 78.11% in seven trading days from a recent low of Rs 58.25 on 5 November 2013 with lion's part of gains triggered by the company's foreign promoters' proposal to delist Indian unit.

Ricoh India reported net profit of Rs 0.03 crore in Q2 September 2013 as against net loss of Rs 6.23 crore in Q2 September 2012. Total income from operations (net) rose 85.5% to Rs 296.23 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours on Monday, 11 November 2013.

Ricoh India manufactures imaging products. Its product line consists of photo copiers, photo copying apparatus, facsimile machine, electronic white board, duplicating machine, stencil cutters, duplicator stencils, duplicating paper and rotary ink.

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