C & C Constructions vaults after selling two road SPVs

C & C Constructions hit 5% upper circuit at Rs 70.25 at 11:05 IST on BSE after the company said that it has executed a definite term sheet for sale of its entire stake in two of its road special purpose vehicles.

The announcement was made after market hours yesterday, 17 July 2017.

Meanwhile, the S&P BSE Sensex was down 302.60 points or 0.94% at 31,772.18. The S&P BSE Small-Cap index was down 27.69 points or 0.17% at 15,882.39.

On the BSE, 8,861 shares were traded in the counter so far as against average daily volume of 43,039 shares in the past one quarter.

The stock was locked at a high of Rs 70.25 in intraday trade. The stock had hit a low of Rs 69 so far during the day. The stock had hit a 52-week high of Rs 84.75 on 19 June 2017. The stock had hit a 52-week low of Rs 13 on 16 August 2016.

The stock had underperformed the market over the past one month till 17 July 2017, falling 17.9% compared with the Sensex's 3.28% rise. The stock had, however, outperformed the market over the past one quarter, gaining 66.54% as against the Sensex's 9.05% rise. The scrip had also outperformed the market over the past one year, jumping 344.26% as against the Sensex's 15.23% rise.

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

C & C Constructions said that the sale process is likely to be completed in around three months. The board has already granted its permission for the same.

The documentation of the sale of these two road assets is in progress. Permission for sale from the concerned authorities shall be initiated, company added.

C & C Constructions' consolidated net profit jumped 254.8% to Rs 38.60 crore on 24% rise in net sales to Rs 346.89 crore in Q4 March 2017 over Q4 March 2016.

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

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