Himachal Futuristic Communications was locked at a 5% lower circuit at Rs 34.20 at 11:15 IST on BSE after the company denied rumours of merger of the company with RJio.
The clarification was issued by the company after market hours yesterday, 18 September 2017.Meanwhile, the S&P BSE Sensex was down 2.86 points or 0.01% at 32,420.90. The S&P BSE Mid-Cap index was up 42.98 points or 0.27% at 16,132.92.
On the BSE, 3.83 lakh shares were traded in the counter so far as against average daily volume of 33.33 lakh shares in the past one quarter. The stock was locked at a low of Rs 34.20 so far during the day. The stock had hit a 52-week high of Rs 35.95 yesterday, 18 September 2017. The stock had hit a 52-week low of Rs 11.09 on 22 November 2016.
Shares of the company had witnessed a strong surge recently on rumors of a possible merger with Rjio. The stock had jumped 29.08% to Rs 35.95 yesterday, 18 September 2017, from a close of Rs 27.85 on 13 September 2017.
The stock had outperformed the market over the past one month till 18 September 2017, jumping 118.54% compared with the Sensex's 2.85% rise. The scrip had also outperformed the market over the past one quarter, surging 175.48% as against the Sensex's 4.4% rise. The scrip had also outperformed the market over the past one year, rising 118.54% as against the Sensex's 13.37% rise.
The mid-cap company has equity capital of Rs 123.94 crore. Face value per share is Re 1.
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At the outset, the company has clarified that the reports titled 'rumours of merger with RJio draw traders to HFCL stock' has no substance, and is completely false and baseless. The company has strongly denied such types of speculations. The company has unequivocally reiterated that there is no such corporate event/development as reported in the newspaper.
Reliance Jio Infocomm (RJio), is the telecom arm of billionaire Mukesh Ambani-controlled Reliance Industries (RIL).
Shares of RIL declined 0.51% to Rs 841.05.
Himachal Futuristic Communications' net profit dropped 44.5% to Rs 25.63 crore on 65.9% rise in net sales to Rs 836.01 crore in Q1 June 2017 over Q1 June 2016.
Himachal Futuristic Communications is a leading telecom infrastructure developer, system integrator and manufacturer of high-end telecom equipment and optical fibre cables.
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