Sanghi Industries shares gain on nod to raise Rs 2,200 crore

Shares of Sanghi Industries rose nearly 4% today after the firm said its board has approved the proposal for raising of up to Rs 2,200 crore by issuance of non-convertible cumulative redeemable preference shares (RPS).

Sanghi Industries stock rose 3.79% to Rs 97.65 against the previous close of Rs 94.08 on BSE. A total of 0.85 lakh shares of the firm changed hands amounting to a turnover of Rs 80.93 lakh on BSE. 

Market cap of the cement maker firm rose to Rs 2,440 crore on BSE. It opened lower at Rs 93.13 today.  

The share fell to a 52 week low of Rs 62.02 on April 28, 2023 and rose to a 52 week high of Rs 156.20 on January 15, 2024.  

The board also approved subdivision and increase in authorised share capital.

"Sub-division and Increase in Authorized Share Capital of the Company from existing Rs. 550 Crore divided into 35,00,00,000 Equity Shares of face value of Rs. 10/- each and 2,00,00,000 Preference Shares of face value of Rs. 100/- each to Rs. 2550 Crore divided into 35,00,00,000 Equity Shares of face value of Rs. 10/- each and 220,00,00,000 Preference Shares of face value of Rs. 10/- each and consequent alteration in Clause V of the Memorandum of Association of the Company, subject to the approval of shareholders," said Sanghi Industries.

"We wish to inform you that the Board of Directors of the Company has, at its meeting held today i.e. on 22nd April, 2024, inter-alia, approved the following: proposal for raising of funds by issuance of Non-Convertible Cumulative Redeemable Preference Shares (RPS) of face value of Rs.10/- each aggregating up to Rs. 2,200 crore, in one or more tranches, on private placement basis, subject to approval of the shareholders of the company," said the firm in a communication to bourses.

The stock has a beta of 0.5, indicating low volatility in a year.

In terms of technicals, the relative strength index (RSI) of Sanghi Industries stands at 43.1, signaling it's neither trading in the overbought nor in the oversold territory. Shares of Sanghi Industries are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 

Sanghi Industries is an India-based cement company. The company is involved in the business of manufacturing and sale of cement and clinker. It manufactures and markets cement and cement products in the domestic and export market.