Fulford hits high and lower circuit

Fulford India is extremely volatile today morning. With an over 3.5 times spurt in volumes, the stock first hit a new 52-week high at Rs.1690 and then went to breach the lower circuit filter at Rs. 1584.30, down 5%.

The stock had first risen in anticipation of the company hiking the delisting indicative price but once the company issued a statement saying that it was not going to change the price, the stock tanked.

The company’s promoter, Dastag has stated that the rise in stock price of Fulford after the proposed delisting was not reflective of its business fundamentals. The company has gone on to reiterate that the indicative price currently approved by the board of Acquirer for the proposed delisting offer is Rs 1,150 per share remains same. The Acquirer does not intend to make acquisitions that do not satisfy its financial expectations and stated very firmly that delisting will be successful only if the Acquirer's shareholding cross 90% of the total shares outstanding of the Company and the discovered price / exit price for doing so is acceptable to the Acquirer.

The company has stated that if the delisting offer does not succeed, the Acquirer may consider other strategic alternatives in relation to its ownership of shares in the Company.