Sadbhav Engineering rose 2.92% to Rs 232.55 at 15:23 IST on BSE, with the stock extending Tuesday's gains triggered by the company's announcement that its board has approved raising of funds up to Rs 250 crore through qualified institutions placement
Meanwhile, the S&P BSE Sensex was down 187.21 points or 0.69% at 27,078.11.
On BSE, so far 1.58 lakh shares were traded in the counter as against average daily volume of 50,892 shares in the past one quarter.
The stock hit a high of Rs 234.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 224.30 so far during the day. 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 9 September 2014, surging 9.63% compared with the Sensex's 7.64% rise. The scrip had also outperformed the market in past one quarter, jumping 9.18% as against Sensex's 6.59% rise.
The small-cap company has equity capital of Rs 15.19 crore. Face value per share is Re 1.
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Shares of Sadbhav Engineering have risen 11.48% in two trading sessions from a recent low of Rs 208.60 on 8 September 2014, after the company during market hours on Tuesday, 9 September 2014 said that its board at a meeting held on 9 September 2014, approved raising of funds up to Rs 250 crore through qualified institutions placement. The stock had surged 8.32% to settle at Rs 225.95 on Tuesday, 9 September 2014.
Sadbhav Engineering said it will convene an extra-ordinary general meeting of the shareholders of the company on 4 October 2014 for obtaining the authority/approval of the shareholders of the company for raising funds by way of a qualified institutions placement.
Sadbhav Engineering's net profit jumped 67.3% to Rs 26.99 crore on 21.7% growth in net sales to Rs 685.51 crore in Q1 June 2014 over Q1 June 2013.
Sadbhav Engineering is a construction firm with focus on road, irrigation and mining projects.
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