McNally Bharat gains after signing MoU with NIPPO

McNally Bharat Engineering Company rose 0.68% to Rs 104 at 09:42 IST on BSE after the company announced that it has signed a memorandum of understanding with NIPPO India to jointly work on road construction projects in India.

Meanwhile, the BSE Sensex was down 347.58 points, or 1.37%, to 25,058.75

On BSE, so far 74,759 shares were traded in the counter, compared with an average volume of 64,324 shares in the past one quarter. The stock hit a high of Rs 104 and a low of Rs 102.10 so far during the day. The stock hit a 52-week high of Rs 114 on 2 February 2015. The stock hit a 52-week low of Rs 64.55 on 16 June 2015.

The small-cap company has an equity capital of Rs 50.59 crore. Face value per share is Rs 10.

McNally Bharat Engineering Company after market hours yesterday, 6 January 2016 announced that it has signed a memorandum of understanding with NIPPO India (NIPPO), a 100% subsidiary of NIPPO Corporation, Japan to jointly work on road construction projects in India.

NIPPO is a leading company in transportation and infrastructure, having constructed a number of highways, airport runways, bridges and racing tracks in Japan and several other countries.

McNally Bharat Engineering Company reported net loss of Rs 79.45 crore in Q2 September 2015, higher than net loss of Rs 8.33 crore in Q2 September 2014. Total income rose 31.4% to Rs 741.87 crore in Q2 September 2015 over Q2 September 2014.

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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