JMC Projects (India) surges after board's nod for fund raising through rights issue

JMC Projects (India) surged 3.52% to Rs 206 at 15:15 IST on BSE after the company said that its board of directors approved raising of funds upto Rs 160 crore through rights issue of equity shares to the existing shareholders of the company.

The company made the announcement during market hours today, 11 September 2015.

Meanwhile, the S&P BSE Sensex was down 64.71 points or 0.25% at 25,557.46.

On BSE, so far 2,984 shares were traded in the counter as against average daily volume of 13,825 shares in the past one quarter.

The stock hit a high of Rs 211 and a low of Rs 201.10 so far during the day. The stock had hit a 52-week high of Rs 294.80 on 28 July 2015. The stock had hit a 52-week low of Rs 130 on 17 October 2014.

JMC Projects (India) will announce the terms of the proposed rights issue including rights entitlement ratio, issue price, issue size and record date in the coming days.

JMC Projects (India)'s net profit jumped 47.8% to Rs 6.34 crore on 3.2% decline in net sales to Rs 582.70 crore in Q1 June 2015 over Q1 June 2014.

JMC Projects is one of the leading engineering and construction services company.

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