IVRCL was locked at 5% upper circuit at Rs 6.45 at 15:00 IST on BSE, with the stock extending surge triggered by the company announcing that its lender, State Bank of India has initiated corporate insolvency resolution process against the company.
The announcement was made during market hours yesterday, 11 January 2018. The stock was locked at 5% upper circuit at Rs 6.15 yesterday, 11 January 2018.Meanwhile, the S&P BSE Sensex was up 71.61 points, or 0.21% to 34,575.10. The S&P BSE Small-Cap index was up 30.52 points, or 0.15% to 20,014.45, underperforming the Sensex.
On the BSE, 5.88 lakh shares were traded in the counter so far, compared with average daily volumes of 5.14 lakh shares in the past two weeks. The stock was locked at a high of Rs 6.45 in intraday trade. The stock had hit a low of Rs 5.85 so far during the day. The stock had hit a 52-week high of Rs 7.91 on 2 January 2018. The stock had hit a 52-week low of Rs 4 on 5 October 2017.
The stock had outperformed the market over the past one month till 11 January 2018, jumping 40.41% compared with the Sensex's 3.13% rise. The stock had also outperformed the market over the past one quarter, surging 42.69% as against the Sensex's 8.39% rise. The scrip had also outperformed the market over the past one year, gaining 30.57% as against the Sensex's 27.13% rise.
The small-cap company has equity capital of Rs 156.58 crore. Face value per share is Rs 2.
IVRCL announced that its lender-State Bank of India has initiated corporate insolvency resolution process (CIRP) against the company under Insolvency and Bankruptcy Code 2016 and filed an application under regulation 7 of the Insolvency and Bankruptcy Code 2016 with the National Company Law Tribunal (NCLT). The hearing on the application was held on 8 January 2018 and the orders were reserved.
IVRCL reported net loss of Rs 280.23 crore in Q2 September 2017 as against net loss of Rs 354.47 crore in Q2 September 2016. Net sales declined 19.4% to Rs 404.22 crore in Q2 September 2017 over Q2 September 2016.
IVRCL is a leading engineering, procurement, & construction (EPC) and Infrastructure company.
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