Sadbhav Engineering rose 1.92% to Rs 93 at 10:57 IST on BSE, with the stock extending Tuesday's 0.77% gains triggered by the company's SPV for a highway project in Haryana achieving commercial operations date.
Meanwhile, the S&P BSE Sensex was up 69.67 points or 0.34% at 20,762.91.
On BSE, so far 27,000 shares were traded in the counter as against average daily volume of 42,739 shares in the past one quarter.
The stock hit a high of Rs 95.75 and a low of Rs 92.65 so far during the day The stock had hit a 52-week high of Rs 140.35 on 9 January 2013. The stock had hit a 52-week low of Rs 52 on 16 September 2013.
The stock had outperformed the market over the past one month till 7 January 2014, advancing 4.35% compared with the Sensex's 1.44% fall. The scrip had also outperformed the market in past one quarter, jumping 28.98% as against Sensex's 4.01% rise.
The small-cap company has equity capital of Rs 15.16 crore. Face value per share is Re 1.
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Shares of Sadbhav Engineering have risen 2.7% in two trading sessions from a recent low of Rs 90.55 on 6 January 2014 after the company during trading hours on Tuesday, 7 January 2014 said that a special purpose vehicle (SPV) promoted by the company for a highway project in Haryana has achieved commercial operations date on Monday, 6 January 2014. The stock had risen 0.77% to settle at Rs 91.25 at on Tuesday, 7 January 2014.
Sadbhav Engineering said that Rohtak-Panipat Tollway (RPTPL), an SPV promoted by the company, in respect of the 4 laning of Rohtak to Panipat section of NH-71A in Haryana on design, build, finance, operate, transfer (DBFOT) basis under the National Highways Development Project (NHDP) III has achieved commercial operational date (COD) as Monday, 6 January 2014.
Accordingly, RPTPL has been expected to collect the Toll from 9 January 2014, Sadbhav said. The concession period is 25 years from the appointed date. Estimated cost of the project is Rs 1220 crore, the company said in a statement.
Separately, Sadbhav Engineering during trading hours on Tuesday, 7 January 2014 said that rating agency Credit Analysis & Research (CARE) has reaffirmed the rating of 'CARE A +' [Single A plus] to the non-convertible debenture (NCD) for an outstanding amount of Rs 230 crore. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk, Sadbhav said.
Also, Sadbhav during trading hours on Tuesday 7 January 2014 said that CARE has reaffirmed the rating to long term bank facilities of Rs 441.50 crore and short term/long-term bank facilities of Rs 1550 crore of the company.
Sadbhav Engineering's net profit surged 339.3% to Rs 28.07 crore on 12.2% growth in net sales to Rs 375.41 crore in Q2 September 2013 over Q2 September 2012.
Sadbhav Engineering is a construction firm with focus on road, irrigation and mining projects.
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