Vardhman Special Steels rose 2.39% to Rs 137.25 at 14:48 IST on BSE, with the stock extending rally triggered by the company fixing 10 April 2017 as the record date for rights issue.
Meanwhile, the S&P BSE Sensex was up 69.68 points or 0.24% at 29,601.11. The S&P BSE Small-cap index was up 112.48 points or 0.79% at 14,309.20.
On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 14,981 shares in the past one quarter. The stock had hit a high of Rs 139 and a low of Rs 132.80 so far during the day. It had hit a record high of Rs 141.95 on 29 March 2017 and a 52-week low of Rs 45.30 on 12 April 2016.
The small-cap company has equity capital of Rs 18.56 crore. Face value per share is Rs 10.
Shares of Vardhman Special Steels have rallied 15.23% in two trading sessions from its closing of Rs 119.10 on 28 March 2017, after the company announced after market hours on 28 March 2017 that it has fixed 10 April 2017 as the record date for rights issue. The stock had rallied 12.55% to settle at Rs 134.05 yesterday, 29 March 2017.
The rights issue is in the ratio 2:3 i.e. two equity shares for every three held. Total issue size is Rs 67.85 crore and issue price is Rs 50 per equity share.
Vardhman Special Steels' net profit rose 16.7% to Rs 3.70 crore on 5.5% increase in net sales to Rs 172.13 crore in Q3 December 2016 over Q3 December 2015.
Vardhman Special Steels is a producer of special and alloy steels, catering to diverse requirements of hot rolled bars for engineering, automotive, tractor, bearing and allied industries.
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