Sadbhav Engineering rose 3.01% to Rs 279 at 12:35 IST on BSE after the company said it has reached in-principle understanding with Gammon Infrastructure Projects for sale of 1.03 crore shares in Mumbai Nasik Expressway.
The company made announcement after market hours yesterday, 28 January 2015.
Shares of Gammon Infrastructure Projects dropped 0.33%.
Meanwhile, the S&P BSE Sensex was down 83.02 points or 0.28% at 29,476.16.
On BSE, so far 67,650 shares were traded in the counter as against average daily volume of 36,246 shares in the past one quarter.
The stock hit a high of Rs 292, also a record high for the stock. The stock hit a low of Rs 270.35 so far during the day. The stock had hit a 52-week low of Rs 73.15 on 6 March 2014.
The stock had outperformed the market over the past one month till 28 January 2015, gaining 9.9% compared with Sensex's 8.51% rise. The scrip had also outperformed the market in past one quarter, gaining 26.12% as against Sensex's 9.96% rise.
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The mid-cap infrastructure company has equity capital of Rs 17.15 crore. Face value per share is Re 1.
Sadbhav Engineering said it has reached in-principle understanding with Gammon Infrastructure Projects for sale of 1.03 crore shares of Rs 10 each held in Mumbai Nasik Expressway for an aggregate consideration of Rs 72 crore either by itself or through Sadbhav Infrastructure Project (subsidiary of the company). Detailed agreements will be executed in due course. Mumbai Nasik Expressway is the special purpose vehicle to develop, operate and manage the Vadape to Gonde section of National Highway no. 3 in Maharashtra.
Sadbhav Engineering's net profit fell 63.9% to Rs 10.14 crore on 58.1% rise in total income to Rs 596.42 crore in Q2 September 2014 over Q2 September 2013.
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