Lanco Infratech rallied 8.51% to Rs 6.50 at 12:15 IST on BSE after the company said its board of directors will meet on 30 December 2015, to consider issue of compulsory convertible debentures through preferential allotment.
The announcement was made on Friday, 25 December 2015. The stock market was closed on that day on account of Christmas.
Meanwhile, the S&P BSE Sensex was up 143.54 points or 0.56% at 25,982.25.
On BSE, so far 15.51 lakh shares were traded in the counter as against average daily volume of 16.09 lakh shares in the past one quarter.
The stock hit a high of Rs 6.58 and a low of Rs 5.96 so far during the day. The stock had hit a 52-week high of Rs 7.40 on 27 November 2015. The stock had hit a record low of Rs 2.46 on 25 August 2015.
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The stock had underperformed the market over the past one month till 24 December 2015, sliding 6.26% compared with Sensex's 0.24% rise. The scrip had, however, outperformed the market in past one quarter, jumping 87.19% as against Sensex's 0.1% fall.
The small-cap company has equity capital of Rs 274.93 crore. Face value per share is Rs 1.
Lanco Infratech said that a meeting of its board of directors will be held on 30 December 2015, inter alia, to consider the proposal for issuance of compulsory convertible debentures (CCDs) through preferential issue not exceeding 35 crore CCDs of Rs 10 each and seek shareholders' approval for the same.
On consolidated basis, Lanco Infratech reported net profit of Rs 98.98 crore in Q2 September 2015 compared with net loss of Rs 527.48 crore in Q2 September 2014. Net sales rose 13% to Rs 2652.82 crore in Q2 September 2015 over Q2 September 2014.
Lanco Infratech is one of the India's largest integrated infrastructure developers in India. The company has subsidiaries and divisions across a synergistic span of 5 business verticals viz. engineering, procurement and construction (EPC), power, natural resources, solar and infrastructure.
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