Sadbhav Engineering rose 2.49% to Rs 55.65 at 14:53 IST on BSE after the firm said its step-down subsidiary has received sanction of Rs 632.90 crore including existing debt of Rs 379.90 crore towards securitization of a road project in Ahmedabad.
The announcement was made during trading hours today, 5 September 2013.
Meanwhile, the S&P BSE Sensex was up 355.65 points or 1.92% at 18,923.20.
On BSE, 10,000 shares were traded in the counter as against average daily volume of 46,471 shares in the past one quarter.
The stock hit a high of Rs 57.95 and a low of Rs 54.75 so far during the day. The stock had hit a 52-week low of Rs 52.95 on Wednesday, 4 September 2013. The stock had hit a 52-week high of Rs 156.15 on 5 October 2012.
The stock had underperformed the market over the past one month till 4 September 2013, sliding 21.93% compared with the Sensex's 3.11% fall. The scrip had also underperformed the market in past one quarter, declining 49.82% as against Sensex's 5% fall.
More From This Section
The small-cap company has equity capital of Rs 15.14 crore. Face value per share is Re 1.
Sadbhav Engineering said that its step-down subsidiary, Ahmedabad Ring Road Infrastructure (ARRIL), the special purpose vehicle (SPV) incorporated for undertaking of improvement and widening of then existing two-lane Sardar Patel Ring Road around Ahmedabad City to four lane carriageway, has received sanction of Rs 632.90 crore including existing debt of Rs 379.90 crore towards securitization of the project. In other words, company has received sanction of additional facility over the above existing facility to the tune of Rs 253 crore out of securitization proceeds of surplus toll revenue of the project.
The proceeds will be used for part funding of on-going BOT projects of the company. ARRIL is in the process of executing the financing documents with the lenders, Sadbhav said in a statement.
The project is on design, build, finance, operate, transfer (DBFOT) (toll) basis with a concession period of 20 years including the construction period of 18 months with effect from 1 January 2007. Commercial operation date (COD) of the project was achieved on 31 May 2008.
Sadbhav Engineering's net profit declined 69.2% to Rs 16.13 crore on 33.6% growth in net sales to Rs 563.23 crore in Q1 June 2013 over Q1 June 2012.
Sadbhav Engineering is a construction firm with focus on road, irrigation and mining projects.
Powered by Capital Market - Live News