Stock market news: Rushil Decor shares rise after second quarter results, fundraising announcement
Rushil Decor is a small cap share. It is a leading company in laminate and MDF panel boards. The company’s net sales in the second quarter stood at Rs Rs 204.61 crore.
Share market news: Shares of Rushil Decor rose more than 5 percent in early morning trades on Wednesday after the company announced its second-quarter results as well as fundraising. The stock climbed to the day’s high of Rs 364.05 before cooling down to Rs 354 around 10:30 am.
Rushil Decor is a small cap share. It is a leading company in laminate and MDF panel boards. The company’s net sales in the second quarter stood at Rs Rs 204.61 crore. This represents an increase of about 0.60 percent from Rs 203.39 crore in September 2022.
The company’s quarterly net profit stood at Rs 10.55 crore as of September 2023. However, this is down 60.45 percent from Rs 26.68 crore in the September 2022 quarter. According to Rushil Decor’s filing, earnings per share (EPS) fell to Rs 3.88 in the quarter from Rs 13.40 in September 2022.
Earlier in October, Rushil Decor said in a filing that its board has approved raising funds through the issuance of shares, or other financial instruments convertible into shares (including warrants or otherwise) through preferential allotment or private placement or Qualified for worth Rs 125 cr.
The company said Rs 90 crore will be used for greenfield capex of laminates and working capital needs, while Rs 10 crore will be used for civil work in MDF factories. The remaining amount will be used for other business purposes.
The decorative laminates sector has seen good growth in exports in recent years and the company has seen contributions from multiple regions. Founded in 1993, Rushil Decor has a global presence in more than 50 countries. It has returned more than 300 percent returns to shareholders in three years.