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Likely stake sale in subsidiary boosts C & C Constructions

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Capital Market Mumbai
Last Updated : Apr 24 2013 | 1:41 PM IST

Meanwhile, the BSE Sensex was down 174.91 points, or 1.10%, to 15,706.23.

On BSE, just six shares were traded in the counter as against an average daily volume of 6676 shares in the past one quarter.

The stock hit a high of Rs 88 and a low of Rs 86 so far during the day. The stock had hit a 52-week low of Rs 79.60 on 20 June 2011. The stock had hit a 52-week high of Rs 219.20 on 20 December 2010.

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The stock had underperformed the market over the past one month until 14 December 2011, sliding 15.02% compared with the Sensex's 7.23% decline. The scrip had also underperformed the market in past one quarter, falling 27.91% as against 4.96% fall in the Sensex.

The small-cap infrastructure company has an equity capital of Rs 25.45 crore. Face value per share is Rs 10.

C & C Constructions' chairman Gurjeet Singh Johar was quoted by media as saying that the firm had started the process of fund raising and may be in 6-8 months, it should get completed. He said the dilution will be of about 30% stake in C & C Projects, adding that the company is in talks with various private equity players for the stake sale.

C & C Projects, the 100% owned subsidiary of the C&C Constructions, is engaged in road and highways sector projects.

On a consolidated basis, C & C Constructions' net profit fell 7.9% to Rs 5.33 crore on 1.1% increase in net sales to Rs 254.03 crore in Q1 September 2011 over Q1 September 2010.

C & C Constructions activity areas include turnkey responsibility for roads, highways and urban infrastructure (water, sanitation and sewerage, power/telecom transmission, towers and commercial buildings).

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First Published: Dec 15 2012 | 11:32 PM IST

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