Orbit Corp drops on buzz LIC Housing takes possession of Mumbai property

Orbit Corporation dropped 5.68% to Rs 435 at 14:10 IST on BSE after reports LIC Housing Finance took possession of its property in Mumbai pursuant to a loan default by the company.

Shares of LIC Housing Finance rose 0.75%.

Meanwhile, the S&P BSE Sensex was up 78.75 points or 0.29% at 27,482.29.

On BSE, so far 4.38 lakh shares were traded in the counter as against average daily volume of 1.92 lakh shares in the past one quarter.

The stock hit a high of Rs 13.30 in intraday trade. The stock hit a low of Rs 12.45, also a 52-week low for the stock. The stock hit a 52-week high of Rs 30.25 on 11 June 2014.

The stock had underperformed the market over the past one month till 30 December 2014, falling 15.65% compared with Sensex's 4.5% fall. The scrip had also underperformed the market in past one quarter, declining 8.33% as against Sensex's 2.9% rise.

The small-cap realty firm has equity capital of Rs 113.96 crore. Face value per share is Rs 10.

Orbit Corporation's property which is located in Lower Parel area of Mumbai measures around 25,670-square feet. Orbit Corporation had taken a loan of Rs 95 crore. Company's MD Pujit Agarwal and chairman Ravikiran Agarwal were guarantors for the loan, report said.

Orbit Corporation reported consolidated net loss of Rs 12.84 crore in Q2 September 2014 compared with consolidated net loss of Rs 26.10 crore in Q2 September 2103. Total income rose 19.8% to Rs 41.92 crore in Q2 September 2014 over Q2 September 2013.

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