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IVRCL spurts after lender initiates corporate insolvency resolution process

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IVRCL was locked at 5% upper circuit at Rs 6.15 at 14:36 on after the company announced that its lender, of has initiated corporate insolvency resolution process against the company.

The announcement was made during market hours today, 11 January 2018.

Meanwhile, the Sensex was up 24.39 points, or 0.07% to 34,457.46. The Small-Cap index was up 58.96 points, or 0.3% to 19,962.27, outperforming the Sensex.

On the BSE, 5.69 lakh shares were traded in the counter so far, compared with average daily volumes of 5.08 lakh shares in the past two weeks. The stock was locked at a high of Rs 6.15 in intraday trade. The stock had hit a low of Rs 5.59 so far during the day. The stock hit a 52-week high of Rs 7.91 on 2 January 2018. The stock had hit a 52-week low of Rs 4 on 5 October 2017.

The small-cap company has equity capital of Rs 156.58 crore. Face value per share is Rs 2.

IVRCL announced that its lender-of has initiated corporate insolvency resolution process (CIRP) against the company under 2016 and filed an application under regulation 7 of the 2016 with the (NCLT). The hearing on the application was held on 8 January 2018 and the orders were reserved.

IVRCL reported net loss of Rs 280.23 crore in Q2 September 2017 as against net loss of Rs 354.47 crore in Q2 September 2016. Net sales declined 19.4% to Rs 404.22 crore in Q2 September 2017 over Q2 September 2016.

IVRCL is a leading engineering, procurement, & construction (EPC) and Infrastructure company.

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

First Published: Thu, January 11 2018. 14:50 IST