HCL Infosystems advances ahead of fixing rights issue terms

HCL Infosystems was up 1.85% to Rs 49.65 at 10:32 IST on BSE after the company said its rights issue committee of board is scheduled to meet on 14 October 2017 to consider the terms of rights issue of shares.

The announcement was made after market hours yesterday, 11 October 2017.

Meanwhile, the S&P BSE Sensex was up 99.96 points or 0.31% at 31,933.95. The S&P BSE Small-Cap index advanced 118.76 points or 0.71% at 16,829.52.

On the BSE, 1.35 lakh shares were traded on the counter so far as against the average daily volumes of 7.49 lakh shares in the past one quarter. The stock had hit a high of Rs 49.90 and a low of Rs 49 so far during the day. The stock had hit a 52-week high of Rs 64.85 on 25 January 2017 and a 52-week low of Rs 39.20 on 21 November 2016.

The stock had underperformed the market over the past one month till 11 October 2017, sliding 4.04% compared with the Sensex's 0.15% fall. The stock had also underperformed the market over the past one quarter, declining 1.22% as against the Sensex's 0.27% rise. The scrip had also underperformed the market over the past one year, sliding 6.07% as against the Sensex's 13.36% rise.

The small-cap company has equity capital of Rs 44.60 crore. Face value per share is Rs 2.

HCL Infosystems said that a meeting of the Rights Issue Committee of the Board of the Company is scheduled to be held on 14 October 2017 to consider rights issue size, fix the rights issue price and ratio for rights entitlements and fix the record date for the purpose of rights issue.

HCL Infosystems reported consolidated net loss of Rs 55.12 crore in Q1 June 2017, higher than net loss of Rs 35.70 crore in Q1 June 2016. Net sales fell 40.3% to Rs 684.23 crore in Q1 June 2017 over Q1 June 2016.

HCL Infosystems is one of the India's premier IT services, solutions & distribution companies.

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