S. Kumars Nationwide jumps after board's nod for preferential allotment

S. Kumars Nationwide was locked at 5% upper circuit at Rs 4.52 at 10:26 IST on BSE after the company said its board has approved issuing 9.74 crore equity shares to the promoters and promoter group companies on preferential basis.

The announcement was made after market hours on Thursday, 3 April 2014.

Meanwhile, the S&P BSE Sensex was down 115.22 points or 0.51% at 22,393.85.

On BSE, so far 3.54 lakh shares were traded in the counter as against average daily volume of 4.10 lakh shares in the past one quarter.

The stock hit a low of Rs 4.40 so far during the day. The stock had hit a 52-week high of Rs 9.44 on 3 April 2013. The stock had hit a record low of Rs 2.27 on 30 August 2013.

The stock had outperformed the market over the past one month till 3 April 2014, surging 15.55% compared with the Sensex's 7.46% rise. The scrip had, however, underperformed the market in past one quarter, declining 15.16% as against Sensex's 7.95% rise.

The company has equity capital of Rs 297.40 crore. Face value per share is Rs 10.

S. Kumars Nationwide's board of directors at its meeting held on Thursday, 3 April 2014, approved issuing 9.74 crore equity shares to the promoters and promoter group companies on preferential basis as per applicable laws subject to approval from the members/other stakeholders and of the regulatory authorities.

S. Kumars Nationwide reported a net loss of Rs 101.66 crore in Q3 December 2013, higher than net loss of Rs 15.01 crore in Q3 December 2012. Net sales declined 25.6% to Rs 619.93 crore in Q3 December 2013 over Q3 December 2012.

S.Kumars Nationwide is one of India's oldest and leading apparel and textile companies involved in design, manufacturing, marketing and distribution of high quality fabrics and ready-to-wear garments.

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