Sadbhav Engineering fell 3.50% to Rs 258 at 15:03 IST on BSE on profit booking after the stock rose 8.22% in the preceding two trading sessions to Rs 267.35 on 4 December 2014, from a recent low of Rs 247.05 on 2 December 2014.
Meanwhile, the BSE Sensex was down 65.49 points, or 0.23%, to 28,497.33.
On BSE, so far 29,000 shares were traded in the counter, compared with an average volume of 37,950 shares in the past one quarter.
The stock hit a high of Rs 273.75 and a low of Rs 255.50 so far during the day. The stock hit a record high of Rs 284.75 on 4 December 2014. The stock hit a 52-week low of Rs 73.15 on 6 March 2014.
The stock had outperformed the market over the past one month till 4 December 2014, rising 10.98% compared with 2.52% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.01% as against Sensex's 5.45% rise.
The mid-cap company has an equity capital of Rs 17.15 crore. Face value per share is Re 1.
Sadbhav Engineering said that its unit, Sadbhav Infrastructure Project, has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) on 3 December 2014 in order to undertake an initial public offering (IPO) of its equity shares. The issue consists of a fresh issue of equity shares of Rs 10 each aggregating up to Rs 600 crore and an offer for sale of up to 1.6 crore shares by Xander Investment Holding XVII and up to 1.6 crore shares by Norwest Venture Partners VII-A-Mauritius.
The announcement was made after market hours on Wednesday, 3 December 2014. Shares of Sadbhav Engineering rose 0.94% to Rs 267.35 on Thursday, 4 December 2014. The stock jumped 7.21% to Rs 264.85 on Wednesday, 3 December 2014.
Net profit of Sadbhav Engineering declined 63.88% to Rs 10.14 crore on 58.39% rise in net sales to Rs 594.62 crore in Q2 September 2014 over Q2 September 2013.
Sadbhav Engineering is a leading engineering and construction company.
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