WPIL gains ahead of board meeting

WPIL rose 2.87% to Rs 575 at 9:20 IST on BSE, with the stock extending Thursday's rally triggered by the announcement that the company's board of directors will meet today, 12 September 2014, to consider further issue of securities.

Meanwhile, the S&P BSE Sensex was up 53.27 points or 0.2% at 27,049.14.

On BSE, so far 900 shares were traded in the counter as against average daily volume of 29,000 shares in the past two weeks.

The stock hit a high of Rs 575 so far during the day, which is a record high for the counter. The stock hit a low of Rs 565 so far during the day. The stock had hit a 52-week low of Rs 165.50 on 21 November 2013.

Shares of WPIL have rallied 10.53% in two trading sessions from Rs 520.20 on 10 September 2014, after the company during market hours on Thursday, 11 September 2014, said that its board of directors will meet today, 12 September 2014, to consider further issue of securities. The stock had surged 7.44% to settle at Rs 558.95 on Thursday, 11 September 2014.

WPIL's board will also consider making loans investments & guarantees at its board meeting today, 12 September 2014.

WPIL's net profit jumped 61% to Rs 3.14 crore on 21.6% growth in net sales to Rs 51.86 crore in Q1 June 2014 over Q1 June 2013.

WPIL makes pumps and pumping systems, which find application in power, irrigation, industrial and offshore segment.

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