Jayaswal Neco is the green

Jayaswal Neco is in the green, currently up over 4% at Rs.16 levels. Its 52-week high stands at Rs.17.65.

The stock is up in anticipation of the proceedings expected in today’s Board meeting. The company, which makes iron and steel castings, is meeting today to consider issue of equity shares on preferential allotment basis to a select group of companies. No details of the issue are known – number of shares issues and the price at which these shares will be allotted to the promoters/group companies.