Stone India gains after signing joint venture agreement with Chinese firm

Stone India rose 2.98% to Rs 91.60 at 11:09 IST on BSE, after the company signed an agreement with a Chinese firm for forming a joint venture company to undertake the business of manufacture and sale of elevators in India.

The announcement was made after market hours yesterday, 17 December 2015.

Meanwhile, the BSE Sensex was down 130.34 points, or 0.51%, to 25,673.44

On BSE, so far 97,836 shares were traded in the counter, compared with an average volume of 58,986 shares in the past one quarter.

The stock hit a high of Rs 94.75 and a low of Rs 91.25 so far during the day. The stock hit a 52-week high of Rs 101 on 20 February 2015. The stock hit a 52-week low of Rs 41.10 on 3 June 2015.

The stock had outperformed the market over the past one month till 17 December 2015, rising 10.43% compared with Sensex's 0.23% fall. The stock had also outperformed the market in past one quarter, surging 55.24% as against Sensex's 0.62% fall.

The small-cap company has an equity capital of Rs 9.60 crore. Face value per share is Rs 10.

Stone India said that the company has signed an agreement with Shenyang Brilliant Elevator Group Co., China, on 15 December 2015 for forming a joint venture company to undertake the business of manufacture and sale of elevators in India with their technology.

Stone India reported net profit of Rs 0.68 crore in Q2 September 2015 compared with net loss of Rs 0.25 crore in Q2 September 2014. Net sales rose 29.7% to Rs 30.88 crore in Q2 September 2015 over Q2 September 2014.

Stone India is engaged in manufacturing equipment for railways like alternators, air brakes and brake regulators.

Powered by Capital Market - Live News