Rushil Decor jumps 21.47% in two days on plan to sell land in Gujarat

Rushil Decor galloped 17.84% to Rs 65.05 at 14:19 IST on BSE, with the stock extending Monday's gain triggered by the company's board approving a proposal for sale, lease or otherwise dispose of selective land in Gujarat.

Meanwhile, the S&P BSE Sensex was down 87.77 points or 0.42% at 21,046.44

On BSE, so far 2.67 lakh shares were traded in the counter as against average daily volume of 28,620 shares in the past one quarter.

The stock hit a high of Rs 66.20 and a low of Rs 55.50 so far during the day. The stock hit a 52-week high of Rs 318.95 on 14 January 2013. The stock hit a 52-week low of Rs 26 on 24 June 2013.

The stock had outperformed the market over the past one month till 13 January 2014, rising 30.96% compared with the Sensex's 2.02% rise. The scrip also outperformed the market in past one quarter, gaining 24.75% as against Sensex's 2.95% rise.

The small-cap company has an equity capital of Rs 14.40 crore. Face value per share is Rs 10.

Shares of Rushil Decor gained 21.47% in two trading days from a recent low of Rs 53.55 on 10 January 2014. The gains were triggered by Rushil Decor announcing that its board of directors at a meeting held on Friday, 10 January 2014, approved the procedures for conducting postal ballot as required under the Companies Act read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2011 for the sale, lease or otherwise dispose of the selective land approximately 14 acres, existing building on these selective land, selective plant & machinery of Particle Board Manufacturing Unit (The Navalgadh Unit) in Surendranagar District, Gujarat to a prospective buyer and balance 25 acres industrial land to any person(s). The announcement was made after market hours on Friday, 10 January 2014.

Further, the Board has entrusted the finalizing of this decision into Chairman and Managing Director of the company, Rushil Decor said.

Rushil Decor's net profit declined 4.5% to Rs 1.28 crore on 59.6% growth in net sales to Rs 67.09 crore in Q2 September 2013 over Q2 September 2012.

Rushil Decor offers comprehensive engineered interior products which include decorative laminate sheets, industry laminate sheets, Rushil kitchen door and plain particle boards.

Powered by Capital Market - Live News