Ducon Infratechnologies surged 6.81% to Rs 44.70 at 10:32 IST on BSE after the company said that its promoter, Aron Govil is voluntary planning to pledge his 50 lakh shares to raise capital for the company.
The announcement was made after market hours yesterday, 2 January 2018.Meanwhile, the BSE Sensex was up 143.82 points, or 0.43%, to 33,956.08. The BSE Small-Cap index was up 214.48 points, or 1.12%, to 19,372.72, outperforming the Sensex.
On the BSE, 60,000 shares were traded in the counter so far, compared with an average volume of 52,000 shares in the past two weeks. The stock of small-cap company had hit a high of Rs 46 and a low of Rs 42.25 so far during the day. The stock had hit a 52-week high of Rs 82.45 on 11 January 2017. The stock had hit a 52-week low of Rs 27.25 on 21 June 2017.
The decision will strengthen company's balance sheet and enable it to capitalize on the upcoming opportunities in the industry in terms of significant upcoming projects.
The raised capital would be channeled into the company thus enabling it to bid for many upcoming FGD projects in India.
The promoter holds 60.17% stake in the company as on 30 September 2017.
The company reported net profit of Rs 0.21 crore on revenue of Rs 10.15 crore in Q2 September 2017.
Ducon Infratechnologies is a technology company.
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