Universal Cables gains as board to consider rights issue on 31 March

Universal Cables rose 4.01% to Rs 41.45 at 15:00 IST on BSE after the company said that a meeting of the board of directors of the company will be held on 31 March 2015, inter alia, to consider and approve the proposal of rights Issue.

Meanwhile, the S&P BSE Sensex was down 628.94 points or 2.24% at 27,482.89.

On BSE, so far 1,205 shares were traded in the counter as against average daily volume of 3,251 shares in the past one quarter.

The stock hit a high of Rs 41.50 and a low of Rs 37.95 so far during the day.

The stock had underperformed the market over the past one month till 25 March 2015, falling 16.43% compared with the Sensex's 3.09% fall. The scrip had also underperformed the market in past one quarter, dropping 16.43% as against Sensex's 3.32% rise.

The mid-cap electric cables manufacturer has equity capital of Rs 23.13 crore. Face value per share is Rs 10.

Universal Cables reported net loss of Rs 19.75 crore in Q3 December 2014 compared with net loss of Rs 9.03 crore in Q3 December 2013. Total income rose 13.4% to Rs 172.32 crore in Q3 December 2014 over Q3 December 2013.

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