Ahluwalia Contracts (India) surges as board to consider preferential allotment to promoters

Ahluwalia Contracts (India) jumped 5.7% to Rs 105.75 at 13:06 IST on BSE after the firm said that its board will meet on 1 July 2014 to consider a proposal for issue of further shares to the promoters of the firm on preferential basis.

Meanwhile, the S&P BSE Sensex was up 293.97 points or 1.17% at 25,325.29.

On BSE, so far 23,000 shares were traded in the counter as against average daily volume of 68,989 shares in the past one quarter.

The stock hit a high of Rs 106.95 and a low of Rs 104.60 so far during the day. The stock had hit a 52-week high of Rs 114.70 on 13 June 2014. The stock had hit a record low of Rs 15.55 on 18 September 2013.

The stock had outperformed the market over the past one month till 23 June 2014, surging 17.5% compared with Sensex's 1.37% rise. The scrip had also outperformed the market in past one quarter, jumping 150.75% as against Sensex's 15.06% rise.

The small-cap company has equity capital of Rs 12.55 crore. Face value per share is Rs 2.

Promoters already hold a substantial 72.61% stake in Ahluwalia Contracts (India) (as per the shareholding pattern as on 31 March 2014).

Ahluwalia Contracts (India)'s net profit rose 25.9% to Rs 17.29 crore on 33% decline in net sales to Rs 249.63 crore in Q4 March 2014 over Q4 March 2013.

Ahluwalia Contracts (India) is one of the leading civil contractors in India.

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