Since the 28^th of March, S Kumars Nationwide has been consistently breaching the upper circuit, every single day. Today also it hit the upper ceiling at Rs.4.52.

This sudden spike up of interest on the counter can be explained by the company’s statement which came in yesterday after market closure.  Its Board of Directors, at its meeting held on April 03, 2014, have approved issue of 9,74,88,149 Equity Shares of Rs. 10/- each to the Promoters and Promoter Group Companies on preferential basis.  Plus there is now a sense of hope as it is expected that the much needed CDR could also happen very soon.

The company’s CEO, Nitin Kaliswal's cash strapped fabric and apparel giant was declared an NPA by some banks in May 2013 as it defaulted on Rs 3,000 crore loans. The consortium of 12 lenders was also mulling to take legal action against the apparel brand in order to recover its dues. UCO Bank had publicly named the company as a defaulter and had asked the promoters to repay the Rs 110 crore loan they had taken.