Hind Rectifiers shares gains 8% on right issue

India Infoline News Service | Mumbai | January 11, 2017 16:52 IST

The scrip opened at Rs 95.9 and touched a high and low of Rs 99.7 and Rs 95.3 respectively.

The markets on Wednesday opened in green. The Sensex opened strongly up by over 140 points. The advance and decline stats of BSE stand at 375/48 as at 9.17 am, indicating bullishness. 
Hind Rectifiers, which is into manufacturing and developing semi-conductor devices has made a strong opening. The stock has witnessed a spurt in volumes by more than 1.53 times.
The surge in the stock of the company is largely due to the right issue plans of the board of directors. The company will bring in issue of equity shares of FV Rs 2 each via a right issue to the existing equity shareholders.
Going ahead, the stock in the last one year has ended in green, with 6.54% gains. Currently it is trading with a P/E of 98.52. On a half yearly basis the EPS of the company stands at Rs 0.92.

Stock view:-

Hind Rectifiers Ltd ended at Rs 98, up by Rs 7.25 or 7.99% from its previous closing of Rs 90.75 on the BSE.

The scrip opened at Rs 95.9 and touched a high and low of Rs 99.7 and Rs 95.3 respectively. A total of 278765(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 136.58 crore.

The BSE group 'B' stock of face value Rs 2 touched a 52 week high of Rs 113.6 on 01-Nov-2016 and a 52 week low of Rs 58.1 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs 94.9 and Rs 90 respectively.

The promoters holding in the company stood at 44.47 % while Institutions and Non-Institutions held 0.06 % and 55.46 % respectively.

The stock traded above its 100 DMA.

***Note: This is a NSE Chart



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