Shares of Hind Rectifiers spurted to Rs 99.70 this morning after the company said that it will condier a rights issue and that is has fixed January 15 as the date for the board meeting for that purpose.
The meeting will consider, in principle, the issue of equity shares of the face value of Rs 2 each on a right basis to the existing equity shareholders of the company.
Hind Rectifiers Limited is engaged in the business of manufacturing and developing semi-conductor devices.
The company had reported a net loss of Rs 85.96 lakh for the quarter ended September 2016, lower than a net loss of Rs 100.35 crore it had posted in the July - September 2016 quarter and a net loss of Rs 2.05 crore it had recorded in the September 2015 quarter.
The stock is currently trading at Rs 97.50, up 7.5% from its previous closing price.
On BSE, the Hind Rectifiers counter has clocked a volume of more than 58,000 shares so far in the session, nearly 20 times the average daily volume of around 3330 shares. On the National Stock Exchange, the Hind Rectifiers counter has recorded a volume of around 1.53 lakh shares so far in the session.