Gujarat NRE Coke rallies 12.8% in 6 days

Meanwhile, the BSE Sensex was up 37.78 points or 0.2% at 19,343.10.

On BSE, 1.32 lakh shares were traded in the counter as against average daily volume of 3.45 lakh shares in the past one quarter.

The stock hit a high of Rs 19.45 and a low of Rs 19 so far during the day. The stock had hit a 52-week high of Rs 28.90 on 22 February 2012. The stock had hit a 52-week low of Rs 14.80 on 19 December 2011.

The stock had underperformed the market over the past one month till 3 December 2012, gaining 2.72% compared with the Sensex's 2.93% rise. The scrip had, however, outperformed the market in past one quarter, jumping 16.31% as against Sensex's 11.05% surge.

 

The company has equity capital of Rs 622.37 crore. Face value per share is Rs 10.

Shares of Gujarat NRE Coke have rallied 12.86% in six trading sessions from Rs 17.10 on 23 November 2012 after the company after market hours on 23 November 2012 said it has allotted 4.50 crore equity shares at Rs 21.08 per share to Mangal Crystal Coke, a promoter group company, pursuant to conversion of equity warrants. The conversion price is at a premium of 9.22% over Gujarat NRE Coke's ruling market price.

Separately, Gujarat NRE Coke on 23 November 2012 said that with reference to the announcement dated 20 October 2012, the company has issued and allotted foreign currency convertible bonds (FCCB) aggregating $20 million with an initial conversion price of Rs 22.50 per share subject to the terms and conditions specified in Offering Circular dated 29 October 2012. The FCCBs are listed at Singapore Stock Exchange.

It may be recalled that Gujarat NRE Coke on 20 October 2012 said it will raise up to $20 million through issuance of FCCBs.

Gujarat NRE Coke's net profit jumped 108% to Rs 16.72 crore on 22.9% growth in net sales to Rs 331.83 crore in Q2 September 2012 over Q2 September 2011.

Gujarat NRE Coke is the largest independent producer of met coke in India with an installed capacity of 1.434 million tonnes per annum (MTPA). Gujarat NRE also owns coking coal mines in Australia, with over 650 million tonnes of coking coal resource with excellent coking properties. The coal mines are owned through its subsidiary -- Gujarat NRE Coking Coal (GNM). Gujarat NRE Coke, through forward integration has also forayed into steel making and power generation through the renewable energy route.

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