Orient Green Power jumps on plans to demerge biomass business

Orient Green Power Company jumped 7.51% to Rs 13.75 at 14:10 IST on BSE after board will meet on 13 June 2015, to discuss the proposal of demerger of biomass business of the company to another entity.

The company made announcement after market hours yesterday, 10 June 2015.

Meanwhile, the S&P BSE Sensex was down 332.03 points, or 1.24%, to 26,490.71.

On BSE, so far 1.44 lakh shares were traded in SPARC's counter, compared with an average volume of 65,662 shares in the past one quarter.

The stock hit a high of Rs 14 and a low of Rs 13.42 so far during the day. The stock hit a 52-week high of Rs 20.10 on 20 January 2015. The stock hit a 52-week low of Rs 11.50 on 8 October 2014.

The stock had underperformed the market over the past one month till 10 June 2015, declining 3.62% compared with 0.98% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 20.31% as against Sensex's 6.51% fall.

The small-cap stock has an equity capital of Rs 568.08 crore. Face value per share is Rs 10.

Orient Green Power Company said that the board on that day will also discuss the proposal of merger of one of the wholly owned subsidiaries with itself.

On a consolidated basis, Orient Green Power Company reported net loss of Rs 110.99 crore in Q4 March 2015 compared with net loss of Rs 92.42 in Q4 March 2014. Total income dropped 12.3% to Rs 91.56 crore in Q4 March 2015 over Q4 March 2014.

Orient Green Power Company is promoted by Shriram EPC with investments from Bessemer Venture Partners of US and Olympus Capital Holdings Singapore for the creation and ownership of renewable energy assets in India and overseas.

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