Hot Pursuit     05-Feb-13
Jayaswal Neco surges as board to mull preferential allotments
Jayaswal Neco Industries surged 13.57% to Rs 12.55 at 11:37 IST on BSE after the company said its board will meet on 7 February 2013, to consider issuing equity shares on preferential basis to promoter and non-promoter group entities.

The announcement was made at the fag end of the trading session on Monday, 4 February 2013. The stock rose 0.18% to Rs 11.05 on that day.

Meanwhile, the BSE Sensex was down 38.11 points, or 0.19%, to 19,713.08.

On BSE, 2.60 lakh shares were traded in the counter as against an average daily volume of 95,034 shares in the past one quarter.

The stock hit a high of Rs 13.26 and a low of Rs 11.15 so far during the day. The stock had hit a 52-week high of Rs 22.40 on 9 February 2012. The stock had hit a 52-week low of Rs 9.07 on 11 September 2012.

The stock had underperformed the market over the past one month till 4 February 2013, falling 16.67% compared with the Sensex's 0.17% fall. The scrip had also underperformed the market in past one quarter, falling 7.92% as against Sensex's 5.31% rise.

The small-cap company has an equity capital of Rs 429.68 crore. Face value per share is Rs 10.

Jayaswal Neco Industries' board will consider issuing 6.75 crore equity shares of face value Rs 10 each, at a premium of Rs 30 per share on preferential basis to promoter and non-promoter group entities.

The company said the proceeds of the proposed issue will be deployed as further equity to partly fund the cost of ongoing expansion projects of the company in Chhattisgarh.

Jayaswal Neco Industries net profit declined 74.25% to Rs 1.63 crore on 0.02% decline in net sales to Rs 594.69 crore in Q2 September 2012 over Q2 September 2011.

Jayaswal Neco Industries is the flagship company of Neco Group of Industries, which has now become an integrated steel plant of 1 million tonne capacity through blast furnace route, Sinter plant, oxygen plant, coke oven, power generation with one of the finest infrastructural facilities at its Siltara, Raipur Plant. It produces alloy steel bars and rods from 5 mm in coils to 60 mm bars. Another Unit at Siltara produces narrow width HR Coils.

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