Sintex Inds drops after allotment of shares on rights basis

Sintex Industries lost 3.29% to Rs 82.30 at 10:45 IST on BSE after the company's board approved allotment of 7.69 crore shares at Rs 65 per share on rights basis to eligible shareholders.

The announcement was made after market hours yesterday, 26 September 2016.

Meanwhile, the S&P BSE Sensex was up 57.24 points or 0.2% at 28,351.52

On BSE, so far 8.53 lakh shares were traded in the counter as against average daily volume of 8.17 lakh shares in the past one quarter. The stock hit a high of Rs 86.70 and a low of Rs 81.40 so far during the day. The stock had hit a 52-week high of Rs 106.52 on 15 October 2015. The stock had hit a 52-week low of Rs 62.40 on 12 February 2016. The stock had outperformed the market over the past 30 days till 26 September 2016, rising 18.69% compared with 1.84% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.55% as against Sensex's 6.67% rise.

The mid-cap company has equity capital of Rs 52.34 crore. Face value per share is Re 1.

It may be recalled that shares of Sintex Industries had turned ex-rights on 8 August 2016. The company had fixed 9 August 2016 as record date for the rights issue. The company had approved issue of shares to shareholders in ratio of 26 shares on rights basis for every 151 shares held in the company at Rs 65 per share.

Sintex Industries' consolidated net profit rose 11.45% to Rs 76.03 crore on 16.48% growth in net sales to Rs 1695.25 crore in Q1 June 2016 over Q1 June 2015.

Sintex Industries is a dominant player in the plastics and textile business segments.

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