Somany Ceramics glitters on merger plan

Somany Ceramics advanced 1.61% to Rs 671.25 at 10:51 IST on BSE after the company's board of directors approved plan to merge three units of promoter group with itself.

The announcement was made after market hours yesterday, 5 March 2018.

Meanwhile, the S&P BSE Sensex was up 138.35 points or 0.41% at 33,885.13. The S&P BSE Small-Cap index was up 72.88 points or 0.41% at 17,961.12.

On the BSE, 268 shares were traded on the counter so far as against average daily volumes of 1329 shares in the past two weeks. The stock had hit a high of Rs 687 and a low of Rs 667.75 so far during the day. The stock had hit a record high of Rs 973.80 on 5 January 2018 and a 52-week low of Rs 615 on 6 February 2018.

The small-cap company has equity capital of Rs 8.48 crore. Face value per share is Rs 2.

The board of directors of Somany Ceramics in its meeting held yesterday, 5 March 2018 considered and approved the draft Scheme of Amalgamation (Scheme) of Bhilwara Holdings (BHL), Sarvottam Vanijya (SVL) and Scope Vinimoy (SVPL) into Somany Ceramics with effect from 1 April 2018. The Scheme will come into effect on receipt of necessary approvals for the same, including approval of the relevant stock exchanges and such other statutory authorities as may be required.

Somany Ceramics' net profit fell 29.06% to Rs 14.33 crore on 5.32% decline in total income to Rs 390.47 crore in Q3 December 2017 over Q3 December 2016.

Somany Ceramics is a manufacturer of ceramic tiles and allied products.

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