RCI Industries and Technologies to issue equity shares on preferential basis

RCI Industries and technologies, the newly migrated scrip to BSE mainboard from BSE SME board had a dream run on bourses with the stock hitting its new 52-W high on Monday.

Jan 09, 2017 05:01 IST India Infoline News Service

RCI Industries and Technologies, the newly migrated scrip to BSE mainboard from BSE SME board had a dream run on bourses with the stock hitting its new 52-W high on Monday.

The company has made some announcement with reference to the earlier announcement dated December 30, 2016, which relates to the issuance of equity shares on preferential basis.

Board of Directors of the company in its meeting held January 09, 2017, have approved the draft notice and have convened the bourses that the extra ordinary general meeting will be held on February 03, 2017 to get the approval of its shareholders on the issuance of total 17,37,000 equity shares at a price of Rs 225 per share to promoters and also to the non-promoters of the company.

The stock is trading at a P/E of 16.13 multiple. In the last one year, the stock has outperformed BSE Small cap index.

Stock view:
RCI Industries & Technologies Ltd ended at Rs 205.75, up by Rs 1.8 or 0.88% from its previous closing of Rs 203.95 on the BSE.
The scrip opened at Rs 214.1 and touched a high and low of Rs 214.1 and Rs 200.1 respectively. A total of 12593(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 238.61 crore.
The BSE group 'B' stock of face value Rs 10 touched a 52 week high of Rs 208 on 30-Oct-2016 and a 52 week low of Rs 40.6 on 02-Feb-2016. Last one week high and low of the scrip stood at Rs 203.95 and Rs 179 respectively.
The promoters holding in the company stood at 73.55 % while Institutions and Non-Institutions held 0 % and 26.45 % respectively.
The stock traded above its 50 DMA.

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