Shilpi Cable gains on plan to consider preferential allotment of warrants to promoter

Shilpi Cable Technologies rose 2.14% to Rs 69.25 at 9:29 IST on BSE after the company said its board will meet today, 13 October 2015, consider preferential allotment of convertible warrants to a promoter group company.

The announcement was made after market hours yesterday, 12 October 2015.

Meanwhile, the BSE Sensex was down 21 points, or 0.08%, to 26,883.11.

On BSE, so far 12,000 shares were traded in the counter, compared with an average volume of 76,442 shares in the past one quarter.

The stock hit a high of Rs 69.80 and a low of Rs 68.40 so far during the day. The stock hit a 52-week high of Rs 72.60 on 16 October 2014. The stock hit a 52-week low of Rs 30.60 on 29 June 2015.

The stock had outperformed the market over the past one month till 12 October 2015, rising 19.68% compared with 5.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 70.14% as against Sensex's 2.74% decline.

The small-cap company has an equity capital of Rs 102.63 crore. Face value per share is Rs 10.

Shilpi Cable Technologies announced that a meeting of the board of directors of the company will be held today, 13 October 2015, to consider and approve the preferential allotment of 1.5 crore convertible warrants to Shilpi Cables, a promoter group company at an exercise price of Rs 60 each.

On a consolidated basis, net profit of Shilpi Cable Technologies rose 47.89% to Rs 55.49 crore on 43.41% rise in net sales to Rs 1010.88 crore in Q1 June 2015 over Q1 June 2014.

Shilpi Cable Technologies is a specialist across the varieties of cables widely used in telecom, automotive and energy segment.

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