C & C Constructions hits the roof after winning orders

C & C Constructions hit an upper circuit limit of 5% at Rs 24.15 at 11:55 IST on BSE after the company said its joint venture company bagged projects worth Rs 3011 crore.

The announcement was made after market hours yesterday, 20 March 2017.

Meanwhile, the S&P BSE Sensex was down 76.58 points, or 0.26% to 29,442.16.

On the BSE, 12,000 shares were traded in the counter so far, compared with average daily volumes of 40,602 shares in the past one quarter. The stock opened with an upward gap of 5% at Rs 24.15 and remained stuck at that level so far. The stock hit a 52-week high of Rs 29.50 on 19 September 2016. The stock hit a record low of Rs 8.12 on 24 May 2016.

The stock had outperformed the market over the past one month till 20 March 2017, rising 9.79% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 49.35% as against Sensex's 12.20% rise.

The small-cap company has equity capital of Rs 25.45 crore. Face value per share is Rs 10.

C & C Constructions announced that its joint venture (JV) company, EPI-C & C, has been awarded a project by the Government of India for construction of two lane road on National Highway (NH) from Paletwa to India-Myanmar border in Chin State of Myanmar on EPC mode.

In the said JV, C & C Constructions has share of 60% and the total contract value of the project is Rs 1518 crore. The project will be governed as per the terms and conditions set forth in the request for proposal (RFP) documents.

Another JV company, BSC- C &C has been awarded five road projects in the state of Bihar at Rs 1493.40 crore. C & C Constructions has 50% share in this JV.

On a consolidated basis, C & C Constructions reported net profit of Rs 23.33 crore in Q3 December 2016 as against net loss of Rs 31.64 crore in Q3 December 2015. Net sales rose 13.37% to Rs 296.87 crore in Q3 December 2016 over Q3 December 2015.

C & C Constructions is construction conglomerate focused on creating infrastructure assets.

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