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HCC witnesses volatility after fund raising announcement

Capital Market 

Company lost 0.24% to Rs 40.90 at 14:03 on amid volatility after the company's board approved issue of equity and debentures not exceeding Rs 2000 crore on preferential basis.

The announcement was made during market hours today, 2 December 2016.

Meanwhile, the S&P Sensex was down 183.80 points or 0.69% at 26,376.12.

On the BSE, 60.16 lakh were traded on the counter so far as against the average daily volumes of 27.60 lakh in the past one quarter. The stock was volatile. At the day's high of Rs 42.65 so far, which is also its 52-week high, the stock has risen 4.02%. At the day's low of Rs 39.85 so far, the stock has lost 2.8%.

The stock had hit a 52-week low of Rs 16.60 on 12 February 2016. It had outperformed the market over the past one month till 1 December 2016, surging 12.33% compared with the Sensex's 4.72% fall. The scrip had also outperformed the market in past one quarter, advancing 25.19% as against the Sensex's 6.56% fall.

The mid-cap company has equity capital of Rs 77.92 crore. Face value per share is Rs 1.

Company's (HCC) board at its meeting held today, 2 December 2016, approved issue of 25.19 crore equity shares of the company, representing 24.44% of the expanded share capital of the company and such and optionally convertible debentures (OCDs) of face value Rs 1000 each not exceeding Rs 2000 crore on preferential basis, to lenders, subject to shareholders' approval.

The company will convene an extraordinary general meeting (EGM) on 5 January 2017, for seeking shareholders' approval for the above.

The board has also approved Rs 2100 crore bank guarantee (BG) limits for release of arbitral award amount as per Cabinet Committee on Economic Affairs (CCEA) approval for revival of the construction sector directing government agencies to pay 75% of the arbitral award amount against margin free BG.

HCC's net profit declined 42.8% to Rs 23.08 crore on 8.2% decline in net sales to Rs 759.03 crore in Q2 September 2016 over Q2 September 2015.

HCC develops and builds infrastructure.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 02 2016. 13:56 IST