J Kumar Infra, MBL Infra frozen lower circuit for second straight day

MBL Infra dipped 10% at Rs 63, and J Kumar Infra down 5% at Rs 156 on the BSE.

Shares of J Kumar Infraprojects and MBL Infrastructures are locked in their respective lower circuit filters for the second straight day on the BSE.

JK Infraprojects down 5% at Rs 156 on the BSE, extending previous days 5% decline, after the company said that the board meeting of the company for the publication of the un-audited financial results for the quarter ended and year to date ended on June 30, 2016 (Q1), is cancelled/postponed due to the ongoing routine search of income tax (IT) department. The company is scheduled to declare Q1 results on September 02, 2016.

Once the date is finalized the company will intimate to the exchanges, it added.

Income Tax Authorities are carrying out routine search at registered office of the company since August 30, 2016. The company is in process of collating & responding to all queries raised by the IT authorities and the responsible officers of the company have been extending all cooperation in this regard, JK Kumar Infra said on Thursday.

The stock had rallied 63% from its 52-week low of Rs 106 on August 17, in intra-day trade to Rs 173 on Wednesday, August 31. It hit a 52-week high of Rs 450 on October 6, 2016 during intra-day trade.

MBL Infrastructures too locked in 10% lower circuit at Rs 63, also its 52-week low on the BSE. In the past nine trading sessions, the stock tanked 46% from Rs 117 on August 22.

The company in a release said that the board will meet on September 12 to consider Q1 results and appointment/internal transfers of key managerial personnel/internal transfers of the company. Earlier, the board scheduled to meet on August 12, to consider June quarter results, which was adjourned.