Jyoti Structures gains after board OKs fund raising

Jyoti Structures rose 1.37% to Rs 44.45 at 9:29 IST on BSE after the company said its board approved raising upto Rs 40 crore by issuing equity shares, warrants to promoters of the company.

The company made the announcement before trading hours today, 19 August 2014.

Meanwhile, the BSE Sensex was up 125.13 points, or 0.47%, to 26,516.09.

On BSE, so far 35,000 shares were traded in the counter, compared with an average volume of 3.49 lakh shares in the past one quarter.

The stock hit a high of Rs 44.90 and a low of Rs 43.85 so far during the day. The stock hit a 52-week high of Rs 69.80 on 7 July 2014. The stock hit a 52-week low of Rs 16.05 on 20 August 2013.

The stock had underperformed the market over the past one month till 18 August 2014, falling 25.68% compared with 2.92% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.90% as against Sensex's 9.41% rise.

The small-cap company has an equity capital of Rs 16.46 crore. Face value per share is Rs 2.

Jyoti Structures reported net loss of Rs 15.97 crore in Q1 June 2014 as against net profit of Rs 16.34 crore in Q1 June 2013. Net sales declined 2.97% to Rs 688.94 crore in Q1 June 2014 over Q1 June 2013.

Jyoti Structures undertakes turnkey/engineering, procurement and construction (EPC) projects in the field of power transmission. Its main business focus areas are transmission lines, substations and distribution projects.

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