J.Kumar Infraprojects rose 11.43% to Rs 143.35 after market regulator Sebi cleared the company of charges relating to misrepresenting of books.
Securities and Exchange Board of India (Sebi) on Monday, 7 October 2019, said there are no reasonable grounds to believe misrepresentation of financials at J Kumar Infraprojects, which had figured among 331 suspected shell companies.Consequently, Sebi revoked its interim directions issued in September 2018, wherein it had directed exchanges to appoint an independent auditor to conduct forensic audit of J Kumar to verify misrepresentation, including financial or business activities of the company.
In September last year, Sebi directed exchanges to appoint an independent auditor to conduct forensic audit of J Kumar to verify misrepresentation, including financial or operational activities of the company. It also asked exchanges to look into the role of key management personnel, directors and promoters.
"On the overall examination of various circumstances, I find that, in view of the materials adduced by JKIL, there are not adequate circumstances forming the reasonable grounds to believe that there is misrepresentation of financials", Sebi whole-time member Madhabi Puri said in her 72-page order.
Meanwhile, the S&P BSE Sensex was up 35 points or 0.09% to 37,567.18.
On the BSE, 88,821 shares were traded in the counter so far compared with average daily volumes of 6,844 shares in the past two weeks. The stock hit an intraday high of Rs 154.35 and an intraday low of Rs 139.30 so far during the day.
The stock hit a 52-week high of Rs 181 on 28 May 2019. The stock hit a 52-week low of Rs 104 on 1 February 2019.
J.Kumar Infraprojects' net profit rose 1.8% to Rs 40.92 crore on 8% increase in net sales to Rs 667.74 crore in Q1 June 2019 compared with Q1 June 2018.
J. Kumar Infraprojects designs and constructs roads, bridges, flyovers, subways, over bridges, skywalks and railway terminus/stations.
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