Hindustan Organic Chemicals hit 20% upper circuit at Rs 25.80 at 11:00 IST on BSE after the company said that its board of directors will consider a proposal to sell part of the company's land at Rasayani to BPCL.
The announcement was made after market hours yesterday, 11 January 2017.Meanwhile, the S&P BSE Sensex was up 110.53 points or 0.41% at 27,250.94.
Huge volumes were witnessed on the counter. On the BSE, 4.42 lakh shares were traded in the counter so far as against average daily volume of 77,099 shares in past one quarter. The stock was locked at a high of Rs 25.80 in intraday trade. The stock had hit a low of Rs 24.10 so far during the day. The stock had hit a 52-week high of Rs 27.20 on 26 October 2016. The stock had hit a 52-week low of Rs 12.20 on 17 February 2016.
The stock had outperformed the market over the past one month till 11 January 2017, rising 6.97% compared with the Sensex 1.47% gains. The scrip had also outperformed the market in past one quarter, rising 6.7% as against Sensex's 3.35% decline.
The small-cap company has equity capital of Rs 67.17 crore. Face value per share is Rs 10.
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Hindustan Organic Chemicals (HOCL) said that a meeting of the board of directors of the company will be held on 20 January 2017, to consider and to approve the proposal to sell part of the company's land at Rasayani to BPCL.
The board will also consider a proposal to sell land, plant & machinery of C.N.A plant at HOCL Rasayani to The Indian Space Research Organisation (ISRO) as per government of India's directions.
The board will consider Q3 results on that day.
Hindustan Organic Chemicals reported a net loss of Rs 46 crore in Q2 September 2016, lower than net loss of Rs 48.08 crore in Q2 September 2015. Net sales dropped 0.4% to Rs 26.92 crore in Q2 September 2016 over Q2 September 2015.
Hindustan Organic Chemicals manufactures basic organic chemicals.
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