TTK Prestige gains on preferential allotment of shares

TTK Prestige rose 1.45% to Rs 3,434.95 at 12:34 IST on BSE after the company's Allotment Committee, at a meeting held today, 19 July 2013, allotted 3 lakh equity shares at Rs 3,550 per share to Cartica Capital, Mauritius, on preferential basis.

The announcement was made during trading hours today, 19 July 2013.

Meanwhile, the S&P BSE Sensex was up 31.54 points or 0.16% at 20,160.65.

On BSE, 6,712 shares were traded in the counter as against average daily volume of 14,210 shares in the past one quarter.

The stock was volatile. The stock rose as much as 3.11% at the day's high of Rs 3,491.30 so far during the day. The stock lost as much as 1.35% at the day's low of Rs 3,340 so far during the day. The stock had hit a 52-week low of Rs 2,870 on 16 April 2013. The stock had hit a record high of Rs 3,996 on 10 October 2012.

The stock had outperformed the market over the past one month till 18 July 2013, surging 9.21% compared with the Sensex's 4.71% rise. The scrip had also outperformed the market in the past one quarter, jumping 16.33% as against Sensex's 5.85% rise.

The mid-cap company has equity capital of Rs 11.34 crore. Face value per share is Rs 10.

Shares of TTK Prestige had recently witnessed a post result slide. The stock had fallen 14.47% in three trading sessions to settle at Rs 3,276.70 on 17 July 2013, from Rs 3,831.25 on 12 July 2013, triggered by the company reporting weak Q1 results during trading hours on 15 July 2013. The stock had closed 3.33% higher to settle at Rs 3,385.75 on Thursday, 18 July 2013.

TTK Prestige's net profit declined 15.9% to Rs 25.79 crore on 1.3% growth in net sales to Rs 306.33 crore in Q1 June 2013 over Q1 June 2012. Earnings before interest, taxation, depreciation and amortization (EBITDA) declined 12.11% to Rs 43.10 crore in Q1 June 2013 over Q1 June 2012. Export sales declined 33.6% to Rs 11.46 crore in Q1 June 2013 over Q1 June 2012.

TTK Prestige said that Q1 June 2013 results are in line with the guidance that Q1 results would be flat or somewhat depressed due to base effect as well as economic slowdown.

Going forward, TTK Prestige said that the power situation in southern states is improving and hence should help revival in southern states. New ranges/models are slated for launch from Q2 September 2013. TTK Prestige said that decent growth can be expected from Q2 September 2013. However, weakening rupee can impact margins in the short-term, TTK Prestige added.

TTK Prestige makes kitchen appliances under 'Prestige' brand.

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