Nitesh Estates gains after announcing progress in fund raising

Nitesh Estates was locked at 5% upper circuit at Rs 12.16 at 10:48 IST on BSE after the company said that the discussions with investor for raising capital is in advanced stage and is expected to conclude around 30 April 2018.

The announcement was made after market hours yesterday, 19 March 2018.

Meanwhile, the S&P BSE Sensex was up 102.66 points or 0.31% at 33,025.78. The S&P BSE Small-Cap index rose 0.13%, underperforming the Sensex.

On the BSE, 11,000 shares were traded on the counter so far as against the average daily volumes of 3.14 lakh shares in the past one quarter. The stock had hit a high of Rs 12.16 and a low of Rs 11.85 so far during the day. The stock had hit a 52-week high of Rs 23.50 on 12 January 2018 and a 52-week low of Rs 7.60 on 21 March 2017.

The small-cap company has equity capital of Rs 145.83 crore. Face value per share is Rs 10.

It may be recalled that Nitesh Pune Mall, a subsidiary of Nitesh Estates, had intimated to the stock exchanges on 25 October 2017 regarding its discussions with certain investors for raising capital of over Rs 350 crore.

On a consolidated basis, Nitesh Estates reported net loss of Rs 42.44 crore in Q3 December 2017, compared with net loss of Rs 60.17 crore in Q3 December 2016. Net sales rose 74.4% to Rs 12.12 crore in Q3 December 2017 over Q3 December 2016.

Nitesh Estates, headquartered in Bengaluru, is the real estate arm of the Nitesh Group.

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