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White Diamond spurts on acquiring approval for forming subsidiary company

18 Nov 2011 Evaluate

White Diamond Industries is currently trading at Rs 26.95, up by 0.60 points or 2.28% from its previous closing of Rs 26.35 on the BSE.

The scrip opened at Rs 27.00 and has touched a high and low of Rs 27.45 and Rs 26.75 respectively. So far 18000 shares were traded on the counter.

The BSE group 'T' stock of face value Rs 10 has touched a 52 week high of Rs 42.40 on 29-Jul-2011 and a 52 week low of Rs 10.27 on 14-Feb-2011.

Last one week high and low of the scrip stood at Rs 27.70 and Rs 24.75 respectively. The current market cap of the company is Rs 22 crore.

The promoters holding in the company stood at 29.35% while Non-Institutions held 70.65% of stake.

White Diamond Industries has received an approval to make a 100% subsidiary company, for the diversification and further growth of the company. The board at its meeting held on November 16, 2011 has approved for the same. Further, managing director has been assigned the power to decide and complete necessary formalities for formation of the said subsidiary company.

Also, the company has received board's approval to increase the authorized share capital of the company from Rs 10 crore to Rs 12.50 crore.

White Diamond Industries commenced operations by installing a Laser Sawing Machine in Mumbai for undertaking job work of kerfing of rough diamonds. The company is currently engaged in the activities of manufacturing, trading, import and export of rough and cut and polished diamonds.

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