Sintex Industries hits 52-week high

Sintex Industries surged 13.65% to Rs 77.85 at 14:19 IST on BSE after the company said it has allotted 1.64 crore equity shares at Rs 69.01 per share to promoter group companies on the exercise of the option of conversion of warrants.

The announcement was made during trading hours today, 19 May 2014.

Meanwhile, the S&P BSE Sensex was up 289.80 points or 1.2% at 24,411.54.

On BSE, so far 30.55 lakh shares were traded in the counter as against average daily volume of 12.69 lakh shares in the past one quarter.

The stock hit a high of Rs 79.10 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 69.50 so far during the day. The stock had hit a 52-week low of Rs 16.90 on 4 September 2013.

The stock had outperformed the market over the past one month till 16 May 2014, surging 52.22% compared with the Sensex's 8.28% rise. The scrip had also outperformed the market in past one quarter, jumping 109.8% as against Sensex's 18.44% rise.

The small-cap company has equity capital of Rs 31.31 crore. Face value per share is Re 1.

Sintex Industries said that pursuant to the approval of the members of the company at the extra ordinary general meeting held on 9 November 2012 and in terms of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (as amended), 1.64 crore fully paid up equity shares of the company of Re 1 each have been allotted to the promoter group companies on the exercise of the option for conversion of balance 1.64 crore warrants out of total issued 3 crore warrants by the company at its Committee of Board Meeting held today, 19 May 2014 at the price of Rs 69.01 per equity share.

The company has already allotted 68 lakh equity shares on conversion of warrants to each of the above warrant holders on 24 December 2012.

Sintex Industries' consolidated net profit rose 6.8% to Rs 161.17 crore on 42% growth in net sales to Rs 1982.94 crore in Q4 March 2014 over Q4 March 2013.

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

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