Sanghi Industries jumps on reports of investment by Piramal Enterprises

Sanghi Industries rose 6.40% to Rs 71.50 at 9:55 IST on BSE on reports Piramal Enterprises has invested Rs 256.50 crore in the company by subscribing its non-convertible debentures.

Meanwhile, the BSE Sensex was down 56.49 points, or 0.22%, to 25,823.89 .

On BSE, so far 85,000 shares were traded in the counter, compared with an average volume of 41,223 shares in the past one quarter. The stock hit a high of Rs 74.10 and a low of Rs 71 so far during the day. The stock hit a 52-week high of Rs 76.30 on 29 October 2015. The stock hit a 52-week low of Rs 44 on 8 September 2015. The stock had outperformed the market over the past one month till 21 April 2016, rising 13.80% compared with 2.35% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 33.07% as against Sensex's 8% rise.

The small-cap company has an equity capital of Rs 219.98 crore. Face value per share is Rs 10.

According to reports, Piramal Enterprises through its structured investment group subscribed to non-convertible debentures of Sanghi Industries to the extent of Rs 256.50 crore. The funding will enable Sanghi Industries to reinforce its capital base and pre-pay lenders.

Net profit of Sanghi Industries rose 276.12% to Rs 26.78 crore on 6.09% rise in net sales to Rs 256.87 crore in Q3 December 2015 over Q3 December 2014.

Sanghi Industries is the flagship company of The Ravi Sanghi Group dealing in the production and distribution of cement under the brand name "Sanghi Cement". The company produces cement at one of the world's largest single stream cement plant located at Kutch in Gujarat.

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