JBF Industries rose 1.30% to Rs 195.30 at 10:10 IST on BSE after the company said its board will meet on 10 August 2017 to consider selling overseas subsidiaries to reduce debt.
The announcement was made after market hours yesterday, 3 August 2017.Meanwhile, the S&P BSE Sensex was down 49.65 points, or 0.15% to 32,188.23.
On the BSE, 16,000 shares were traded in the counter so far, compared with average daily volumes of 30,175 shares in the past one quarter. The stock had hit a high of Rs 198.30 and a low of Rs 193 so far during the day. The stock hit a record high of Rs 326 on 22 June 2017. The stock hit a 52-week low of Rs 185.90 on 22 November 2016.
The stock had underperformed the market over the past one month till 3 August 2017, falling 29.09% compared with 3.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 30.61% as against Sensex's 7.97% rise. The scrip had also underperformed the market in past one year, falling 6.79% as against Sensex's 16.32% rise.
The small-cap company has equity capital of Rs 81.87 crore. Face value per share is Rs 10.
JBF Industries informed that the board of directors will discuss the sale or restructure or reorganisation of the overseas subsidiaries of the company for the reduction in debt exposure of the company in their meeting to be held on 10 August 2017.
The company also informed that domestic plants in India at Sarigam and Silvassa for producing polyester chips, yarns and texturised Yarns are operating in normalcy. The work at the PTA plant in Mangalore is continuing as per schedule and is expected to re-commission within the first half of financial year 2017-2018. This plant is being setup with the latest technology of British Petroleum and will be having a capacity of 1.25 million tons per annum.
Net profit of JBF Industries declined 41.9% to Rs 11.14 crore on 7.7% rise in net sales to Rs 1069.92 crore in Q4 March 2017 over Q4 March 2016.
JBF Industries is a manufacturer of polyester value chain products. The company is one of the largest polyester chips and yarn manufacturers in India and around 75% of the total domestic sales of the company find applications in the textile segment.
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