The company made this announcement at the fag end of the trading session on Thursday, 18 March 2010, when the stock had jumped 5.78% to Rs 36.60

Meanwhile, the BSE Sensex was up 22.31 points, or 0.13% to 17,541.57

On BSE, 39.91 lakh shares were traded in the counter as against an average daily volume of 4.09 lakh shares in the past one quarter.

The stock hit a 52-week high of Rs 40.25 in intra-day trade today, 19 March 2010. The stock hit a low of Rs 37.50 so far during the day. The stock had hit a 52-week low of Rs 7.40 on 25 March 2009.

The small-cap stock had outperformed the market over the past one month till 18 March 2010, gaining 25.77% as compared to the Sensex's 7.30% rise. It had also outperformed the market in the past one quarter, surging 20.59% as compared to the Sensex's return of 4.78%.

The company's equity capital is Rs 112.88 crore. Face value per share is Rs 10.

The current price of Rs 38.60 discounts the company's Q3 December 2009 annualized EPS of Rs 5.39, by a PE multiple of 7.16

The board of directors of Jayaswal Neco Industries at a meeting held on 18 March 2010 approved raising Rs 48 crore through a preferential issue of 1.42 crore equity shares to Reliance Mutual Fund at a price of Rs 33.80 each. The proposed issue would result into an equity dilution of 5.66%.

Jayaswal Neco Industries is engaged in manufacture of cast iron pipes and fittings.

The company reported net profit of Rs 15.20 crore in Q3 December 2009 as compared with net loss of Rs 33.34 crore in Q3 December 2008. Net sales rose 28.30% to Rs 467.60 crore in Q3 December 2009 over Q3 December 2008.