Udaipur Cement Works spurts after board seeks exits from BIFR's purview

Udaipur Cement Works rose 6.54% to Rs 13.35 at 18:21 IST on BSE after the company said it has sought an exit from the rehabilitation scheme sanctioned by the Board for Industrial & Financial Reconstruction.

The announcement was made after market hours yesterday, 10 November 2015.

Meanwhile, the BSE Sensex was up 139.72 points, or 0.54%, to 25,882.98.

On BSE, so far 2,662 shares were traded in the counter, compared with an average volume of 6,293 shares in the past two weeks.

The stock hit a high of Rs 13.97 and a low of Rs 12.70 so far during the day. The stock hit a 52-week high of Rs 24.25 on 12 November 2014. The stock hit a 52-week low of Rs 10.30 on 5 June 2015.

Udaipur Cement Works announced after market hours yesterday, 10 November 2015 that the company has filed an application to Board for Industrial & Financial Reconstruction (BIFR) on 9 November 2015, seeking an exit from its purview as the company's networth turned positive on the basis of the financial statements for the year ending 31 March 2015 (FY 2015). It may be recalled that the BIFR vide its order dated 13 January 2012 had sanctioned the Rehabilitation Scheme of the company.

Udaipur Cement Works reported net profit of Rs 1.56 crore in Q2 September 2015 as against net loss of Rs 1.50 crore in Q2 September 2014. Net sales rose 12.37% to Rs 20.80 crore in Q2 September 2015 over Q2 September 2014.

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