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Prakash Industries gallops over 5%; allots shares on conversion of FCCB

Prakash Industries stocks are galloping on BSE over 5% at Rs 80.95 per share, as the company has received notice from FCCB holders for conversion of 66 FCCBs, each amounting to Rs $50,000 into 34,97,861 number of equity shares of face value Rs 10 each.
After the conversion, the paid up capital of the company has jumped to Rs 1,42,54,41,920, showing a growth of 2.51%.
The stock has outperformed both BSE Small-cap index & BSE Sensex on a yearly basis.
Prakash Industries Limited is engaged in the production of ferro alloys, MS TMT/MS Coil and allied products, HB Wire Rod, and PVC pipes and sockets.
BSE Small-Cap index is trading up by 182 points or 1.26% at 14615 levels.
Stock view:
Prakash Industries Ltd is currently trading at Rs 80.7, up by Rs 3.65 or 4.74% from its previous closing of Rs 77.05 on the BSE.
The scrip opened at Rs 77.2 and has touched a high and low of Rs 81.65 and Rs 76.95 respectively. So far 2866914(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1071.35 crore.
the BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 88.5 on 06-Feb-2017 and a 52 week low of Rs 29.35 on 31-Mar-2016. Last one week high and low of the scrip stood at Rs 81.5 and Rs 76.7 respectively.
The promoters holding in the company stood at 46.11 % while Institutions and Non-Institutions held 4.34 % and 49.56 % respectively.
The stock is currently trading above its 50 DMA.