Indian Hume Pipe Company rose 1.08% to Rs 336.60 at 10:21 IST on BSE after the company said it entered into an agreement with Mumbai-based builder Dosti Realty for development of nearly 3.5 acre land parcel in Mumbai's Wadala locality.
The announcement was made after market hours yesterday, 7 September 2015.
Meanwhile, the BSE Sensex was up 52.82 points, or 0.21%, to 24,946.63.
On BSE, so far 5,487 shares were traded in the counter, compared with an average volume of 10,855 shares in the past one quarter.
The stock hit a high of Rs 343.40 and a low of Rs 336.60 so far during the day. The stock hit a 52-week high of Rs 437 on 29 July 2015. The stock hit a 52-week low of Rs 241.10 on 8 September 2014.
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The stock had underperformed the market over the past one month till 7 September 2015, sliding 11.88% compared with 11.84% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 14.32% as against Sensex's 7% decline.
The small-cap company has an equity capital of Rs 4.84 crore. Face value per share is Rs 2.
Indian Hume Pipe Company said it entered into an agreement with Mumbai-based builder Dosti Realty for development of nearly 3.47 acre land parcel in Mumbai's Wadala locality. The total land parcel includes 2.08 acre freehold land, while 1.39 acre is under Slum Rehabilitation Scheme.
Both the land parcels will be developed by Dosti Realty, the developers at their costs, expenses and risk, Indian Hume Pipe Company said in a filing. The freehold land parcel will be developed as phase I, while slum rehabilitation will be developed as phase II.
The agreement is now concluded following the Indian Hume Pipe Company's board of directors' decision in November 2014 to develop the land parcels.
Net profit of Indian Hume Pipe Company rose 32.22% to Rs 6.32 crore on 8.57% rise in net sales to Rs 212.16 crore in Q1 June 2015 over Q1 June 2014.
Indian Hume Pipe Company manufactures a variety of pipes like prestressed concrete pipe, prestressed concrete cylinder pipe, bar wrapped steel cylinder pipe, steel pipe, reinforced cement concrete pipe and penstock pipe. The company also makes pre-stressed concrete railway sleepers and air rifles/air pistols for target shooting and sports.
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