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Since November 8, post July-September (Q2FY18) quarter results, the stock of construction & engineering company surged 50% from Rs 172, after it reported net profit of Rs 3.3 crore against a loss of Rs 41.5 crore in the same quarter previous year. Operational income of the company grew 46% to Rs 324 crore from Rs 222 crore in the corresponding quarter of previous fiscal.
In past three months, the stock zoomed 150% from Rs 102 as compared to 3% rise in the S&P BSE Sensex.
On September 30, the board of directors of the company approved the issue of 12 million convertible equity warrants on a preferential basis to promoters and non promoter investors at price of Rs 101 per share.
The company had said the commitment of the promoter to infuse fresh capital into the company coupled with the commitment of investors of repute had sent positive signal to the investor community at large.