IVRCL jumps after winning new orders

IVRCL jumped 8.18% to Rs 11.11 at 14:16 IST on BSE after the company said that its irrigation division and water division have bagged orders worth an aggregate Rs 2632.85 crore.

The company made the announcement during trading hours today, 4 March 2014.

Meanwhile, the BSE Sensex was up 226.66 points, or 1.08%, to 21,173.31.

On BSE, so far 19.47 lakh shares were traded in the counter, compared with an average volume of 9.67 lakh shares in the past one quarter.

The stock hit a high of Rs 11.30 and a low of Rs 10.20 so far during the day. The stock hit a 52-week high of Rs 26.50 on 11 March 2013. The stock hit a 52-week low of Rs 9.80 on 28 August 2013.

The stock had underperformed the market over the past one month till 3 March 2014, sliding 7.89% compared with the Sensex's 3.65% rise. The scrip had also underperformed the market in past one quarter, falling 27.88% as against Sensex's 0.44% rise.

The small-cap company has an equity capital of Rs 61.38 crore. Face value per share is Rs 2.

IVRCL said its irrigation division bagged five orders worth Rs 2492 crore. The division won three separate orders from Karnataka Neeravari Nigam (KNNL) and two separate orders from Krishna Bhagya Jala Nigam (KBJNL) in Karnataka state.

The water division won a single order worth Rs 140.85 crore from Government of Andhra Pradesh, INCAP, Hyderabad, the company said in a statement.

IVRCL reported net loss of Rs 177.69 crore in Q3 December 2013, higher than net loss of Rs 68.14 crore in Q3 December 2012. Net sales declined 23.71% to Rs 951.47 crore in Q3 December 2013 over Q3 December 2012.

IVRCL operates in the core infrastructure sectors of water & environment, transportation, buildings and power.

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