IVRCL surged 4.36% to Rs 11.25 at 12:37 IST on BSE after the company said that its joint lenders forum has invoked strategic debt restructuring in the company.
The announcement was made during market hours today, 1 December 2015.
Meanwhile, the S&P BSE Sensex was up 59.28 points or 0.23% at 26,204.95.
The stock spurted on heavy volumes. On BSE, so far 29.19 lakh shares were traded in the counter as against average daily volume of 5.38 lakh shares in the past one quarter.
The stock hit a high of Rs 12.04 and a low of Rs 11 so far during the day. The stock had hit a 52-week high of Rs 21.30 on 3 March 2015. The stock had hit a 52-week low of Rs 6.52 on 21 September 2015.
The stock had outperformed the market over the past one month till 30 November 2015, surging 22.92% compared with Sensex's 1.92% fall. The scrip had also outperformed the market in past one quarter, jumping 27.42% as against Sensex's 0.93% fall.
The small-cap company has equity capital of Rs 101.51 crore. Face value per share is Rs 2.
IVRCL said that at the company's joint lenders forum (JLF) meeting held on 26 November 2015, the lenders have invoked strategic debt restructuring in the company and adopted the reference date for the purpose as 26 November 2015. It was also decided that a senior lenders meeting will be held to decide the way forward in the same, IVRCL said.
IVRCL reported net loss of Rs 305.46 crore in Q2 September 2015, higher than net loss of Rs 187.55 crore in Q2 September 2014. Net sales rose 4.8% to Rs 641 crore in Q2 September 2015 over Q2 September 2014.
IVRCL is a leading engineering, procurement and construction (EPC) and infrastructure company. Its core areas of work include value chain across sectors such as water & environment, irrigation, transportation and power distribution & transmission.
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