Diamond Power gains after receiving order from Jaipur Vidyut Vitran Nigam

Diamond Power Infrastructure rose 1.82% to Rs 44.70 at 14:20 IST on BSE after the company received an order for supply of insulated armoured shielded PVC sheathed power cable from Jaipur Vidyut Vitran Nigam.

The company made the announcement during market hours today, 21 December 2015.

Meanwhile, the S&P BSE Sensex was up 206.11 points or 0.78% at 25,719.13.

High volumes were noticed on the counter. On BSE, so far 1.96 lakh shares were traded in the counter as against average daily average volume of 44,088 shares in the past one quarter.

The stock hit a high of Rs 45.30 and a low of Rs 42.70 so far during the day. The stock had hit a 52-week high of Rs 81.90 on 5 January 2015. The stock had hit a 52-week low of Rs 32.70 on 11 November 2015.

The stock had outperformed the market over the past one month till 18 December 2015, rising 22.45% compared with 0.14% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 13.58% as against Sensex's 2.67% fall.

The small-cap company has equity capital of Rs 57 crore. Face value per share is Rs 10.

Separately, Diamond Power Infrastructure announced during market hours today, 21 December 2015, that the board of directors of Diamond Power Transformers, wholly owned subsidiary of the company at a meeting held on 19 December 2015, approved allotment of 1.19 crore shares at a premium of Rs 10 per share aggregating Rs 23.95 crore to the strategic investors on preferential basis. The board of directors of Diamond Power Transformers also approved the sale of its entire holding of equity shares in both the associate companies, i.e. Maktel Controls and Systems and Maktel Power.

Diamond Power Infrastructure also clarified that these steps by the Diamond Power Transformers will help in augmenting of working capital needs of the company and it will be able to capitalize on growth optimization and bring about a turnaround in the transformer business.

On consolidated basis, Diamond Power Infrastructure reported net loss of Rs 18.55 crore in Q2 September 2015 compared with net profit of Rs 40.32 crore in Q2 September 2014. Net sales fell 42.3% to Rs 515.64 crore in Q2 September 2015 over Q2 September 2014.

Diamond Power Infrastructure is a integrated manufacturer of power transmission equipment and engineering, procurement and construction (EPC) player.

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