JBF Industries surges on entering into derivative contract for an ECB loan

10 Jul 2012

JBF Industries is currently trading at Rs. 138.65, up by 3.85 points or 2.86% from its previous closing of Rs. 134.80 on the BSE.

The scrip opened at Rs. 135.90 and has touched a high and low of Rs. 138.70 and Rs. 135.90 respectively. So far 26187 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 164.50 on 11-Jul-2011 and a 52 week low of Rs. 89.00 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 142.60 and Rs. 131.00 respectively. The current market cap of the company is Rs. 992.72 crore.

The promoters holding in the company stood at 42.70 % while Institutions and Non-Institutions held 26.85 % and 30.45 % respectively.

JBF Industries has entered in a derivative contract for an ECB loan in JPY terms for an amount equivalent to $20 million to hedge the foreign exchange and interest cost. The observation period for this derivative contract started in July 2010 and ends in July 2013.

Besides, the company had repaid 20% of the loan amount in July 2011. The company has now paid additional 60% of the loan amount on July 04, 2012. Pursuant to this, the outstanding loan amount and derivative contracts gets reduced to 20% of the loan which will be paid in July 2013. 

JBF Industries is engaged in the manufacturing of polyester chips, partially oriented yarn and polyester processed yarn/specialty yarn at its plants at Silvasa in the Union Territory of Dadra and Nagar Haveli and at Valsad (Gujarat). The company is one of the leading names in Polyester business in India. 

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