McNally Bharat advances on fund raising plans

McNally Bharat Engineering Company rose 2.59% to Rs 93.25 at 12:13 IST on BSE after the company said board of directors' meeting will be held on 2 February 2015, to consider a proposal for raising equity capital through preferential allotment basis.

The company made the announcement during market hours today, 28 January 2015.

Meanwhile, the S&P BSE Sensex was up 106.49 points or 0.39% at 29,685.12.

On BSE, so far 34,528 shares were traded in the counter as against average daily volume of 23,146 shares in the past one quarter.

The stock hit a high of Rs 94.20 and a low of Rs 91.40 so far during the day. The stock had hit a 52-week high of Rs 111.90 on 1 September 2014. The stock had hit a 52-week low of Rs 46.60 on 26 February 2014.

The stock had outperformed the market over the past one month till 27 January 2015, gaining 21.77% compared with Sensex's 8.55% rise. The scrip had, however, underperformed the market in past one quarter, falling 4.62% as against Sensex's 10.53% rise.

The small-cap stock has equity capital of Rs 31.09 crore. Face value per share is Rs 10.

McNally Bharat Engineering Company reported net loss of Rs 8.33 crore in Q2 September 2014 compared with net profit of Rs 1.63 crore in Q2 September 2013. Total income rose 17.3% to Rs 564.79 crore in Q2 September 2014 over Q2 September 2013.

McNally Bharat Engineering Company is a engineering company engaged in providing turnkey solutions in the areas of power, steel, aluminium, material handling, mineral beneficiation, pyroprocessing, pneumatic handling of powdered materials including fly ash handling and high concentrate disposal, coal washing, port cranes, cement, oil & gas, civic and industrial water supply etc.

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