 "A building under construction at the Navi Mumbai International Airport. Photographer: Dhiraj Singh/Bloomberg")
Shares of Ramky Infrastructure, a construction and infrastructure development firm, rose up to 7 per cent at Rs 614.60 a piece in Wednesday's intraday deals. In comparison the BSE S&P Sensex was up 0.28 per cent. A total of 39,584 stocks of the company changed hands on the bourses.
The company’s stock has rallied 26 per cent in the last three trading days while it merely grew 3.02 per cent in the last six months.
The share had hit a 52 week high on February 2nd 2024 at Rs 1008.90 a piece. It registered its 52-week low on April 06, 2023 at Rs 307 per share.
However, Wednesday’s surge in the stock prices came on the back of an allotment of non convertible debentures (NCDs) worth Rs 300 crore of its material subsidiary firm Srinagar Banihal Expressway.
On Tuesday, the company informed the bourses about allotment of 16 per cent unlisted, unrated, and redeemable, NCDs to two investors to the extent of Rs 300 crore. One of the subscribers to this NCD happens to be a member of the promoter group of Reliance Industries Limited (RIL).
The company further disclosed that the proceeds from the debentures will be used for the repayment of part of the outstanding inter corporate deposit (ICD) that was borrowed from member of the promoter group of RIL to facilitate settlement of the one time settlement obligation to the erstwhile lenders on stipulated due date being January 31, 2024.
The company registered a 7 per cent rise in its revenues in the December quarter of financial year 2023-2024 at Rs 418 crore as against Rs 391 crore in the year ago period. Ramky Infrastructure posted a net profit of Rs 48 crore in Q3FY24, down 28 per cent year on year as against Rs 67 crore in the corresponding quarter in FY23.
