Sujana Towers was locked at 5% upper circuit at Rs 19.65 at 11:47 IST on BSE after the company said its board has approved issue of 1.09 crore equity shares at Rs 27.50 per share to promoters.
The announcement was made during market hours today, 15 July 2014.
Meanwhile, the S&P BSE Sensex was up 116.34 points or 0.47% at 25,123.32.
On BSE, so far 10,000 shares were traded in the counter as against average daily volume of 83,000 shares in the past two weeks.
The stock hit a low of Rs 19.40 so far during the day.
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Sujana Towers' board of directors at its meeting held on Monday, 14 July 2014, approved to issue 1.09 crore equity shares at an issue price of Rs 27.50 per share (includes premium of Rs 17.50 per share) to promoters, in compliance with the terms and conditions of CDR package, subject to the approval of the members of the company.
On consolidated basis, Sujana Towers reported a net loss of Rs 4.23 crore in Q4 March 2014 as against net profit of Rs 1.28 crore in Q4 March 2013. Net sales rose 34% to Rs 755.65 crore in Q4 March 2014 over Q4 March 2013.
Sujana Towers manufactures galvanized steel towers used in the power transmission and telecom tower sectors.
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