The action in the stock comes as the company has officially completed the conversion of all outstanding warrants into equity shares, raising approximately Rs 86.83 crore.
Shares of rice exporter GRM Overseas Ltd ended in green even as benchmark stock indices Sensex and Nifty closed on a flat note in a choppy session on Wednesday. The stock opened in the green at Rs 162 on the BSE, up from the previous close of Rs 161.30. During the day, it touched a high of 164.90 and a low of Rs 161.30. The scrip ended the trading session at Rs 162.90 with a fall of 0.99 per cent, and the market cap of the company stood at Rs 2,998.27 crore. The stock has gained after two days of consecutive fall and technically traded higher than the 50-day, 100-day and 200-day moving averages but lower than the 5-day and 20-day moving averages.
What’s behind the gain
The action in the stock comes as the company has officially completed the conversion of all outstanding warrants into equity shares, raising approximately Rs 86.83 crore.
The company allotted a total of 2,31,54,000 equity shares. This includes 77,18,000 shares issued upon the conversion of warrants and an additional 1,54,36,000 shares as part of a 2:1 bonus issue entitlement for the warrant holders.
Stock market today
In a range-bound trade, the 30-share BSE Sensex slipped 40.28 points, or 0.05 per cent, to close at 84,233.64. During the day, it hit a high of 84,487.34 and a low of 84,081.25. The NSE Nifty inched up 18.70 points, or 0.07 per cent, to settle at 25,953.85.
In Asian markets, South Korea’s Kospi, Hong Kong’s Hang Seng, and Shanghai’s SSE Composite index ended higher. Japanese markets were closed on account of National Foundation Day.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
European markets were trading mostly lower in mid-session deals. The US equities market ended lower on Tuesday. Brent Crude, the global oil benchmark, rose 1.44 per cent to USD 69.78 per barrel.
Meanwhile, foreign institutional investors (FIIs) bought equities worth Rs 69.45 crore on Tuesday, while domestic institutional investors outpaced the FIIs, by acquiring stocks worth Rs 1,174.21 crore, according to exchange data.
