Punj Lloyd rose 5.17% to Rs 37.65 at 9:49 IST on BSE on reports the company is planning to raise over Rs 1000 crore through sale of non-core assets by end of October 2014.
Meanwhile, the BSE Sensex was down 38.45 points, or 0.15%, to 26,233.52.
On BSE, so far 4.70 lakh shares were traded in the counter, compared with an average volume of 4.03 lakh shares in the past one quarter.
The stock hit a high of Rs 39.40 and a low of Rs 37.40 so far during the day. The stock hit a 52-week high of Rs 60.85 on 19 June 2014. The stock hit a 52-week low of Rs 24.90 on 30 January 2014.
The stock had underperformed the market over the past one month till 7 October 2014, falling 3.11% compared with 2.79% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 28.18% as against Sensex's 0.66% rise.
The small-cap company has an equity capital of Rs 66.42 crore. Face value per share is Rs 2.
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According to reports, the company may sell its 17% stake in Medanta Medicity Hospitals and some of its offshore barges. The proceeds from the asset sale will be used to pare debt and for new investment. The company plans to close deal by end of October 2014.
Meanwhile, in a bid to boost domestic defense manufacturing, the commerce ministry reportedly cleared 33 proposals in the sector. Of the 33 proposals, Punj Lloyd managed to bag licenses to enter the domestic defense manufacturing sector.
Punj Lloyd reported a net loss of Rs 363.92 crore in Q1 June 2014 compared with a net profit of Rs 4.95 crore in Q1 June 2013. Net sales fell 50.2% to Rs 1107.47 crore in Q1 June 2014 over Q1 June 2013.
Punj Lloyd provides integrated design, engineering, procurement, construction and project management services in the energy and infrastructure sectors.
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