Shilpi Cable hits upper circuit
Shilpi Cable, maker of specialty cables for telecom, power and auto sector, a small cap company has been hitting the upper circuit consistently since 16th July, that too the moment it opens for trading. Today too, the stock, which had closed yesterday at the 5% upper circuit at Rs.52.55, opened at 55.15, its 5% upper circuit for today and a new high.
The company, yesterday after market hours announced that its Board would be meeting on 2nd Aug’14 to consider a bonus issue to existing shareholders.
The company had ended FY14 with a consolidated net profit of Rs.28 crore v/s Rs.26 crore in FY13 on a total turnover of Rs.986 crore v/s Rs.655 crore. On an equity of Rs.49.32 crore, its reserves stood at Rs.289 crore. Promoter holding, as at 30th June 2014 was at 34.04% and FIIs held 13.71%.