Peninsula Land moves higher on proposal to raise funds

Peninsula Land rose 2.2% to Rs 25.50 at 13:29 IST on BSE after the company said its board will meet on 24 April 2017, to consider the proposal of raising funds by way of issuing non-convertible debt securities.

The announcement was made on Saturday, 15 April 2017.

Meanwhile, the S&P BSE Sensex was down 31.33 points, or 0.07% at 29,441.52. The S&P BSE Small-cap index was up 45.28 points, 0.3% at 14,926.44.

High volumes were witnessed on the counter. On the BSE, 3.39 lakh shares were traded on the counter so far as against the average daily volumes of 2.02 lakh shares in the past one quarter. The stock had hit a high of Rs 26.35 and a low of Rs 24.40 so far during the day.

The stock had hit a 52-week high of Rs 26.70 on 11 April 2017 and a 52-week low of Rs 13.15 on 27 December 2016. The stock had outperformed the market over the past one month till 13 April 2017, advancing 35.6% compared with the Sensex's 1.78% rise. The scrip had also outperformed the market over the past one quarter advancing 75.33% as against the Sensex's 8.16% rise.

The small-cap company has equity capital of Rs 55.84 crore. Face value per share is Rs 2.

Peninsula Land said that a meeting of the board of directors of the company is scheduled to be held on Monday, 24 April 2017, to consider the proposal of raising funds by way of issuing non-convertible debt securities on private placement basis during Financial Year 2017-18.

Peninsula Land reported net loss of Rs 20.45 crore in Q3 December 2016, as against net loss of Rs 6.61 crore in Q3 December 2015. Net sales rose 19.2% to Rs 16.49 crore in Q3 December 2016 over Q3 December 2015.

Peninsula Land is the real estate arm of Ashok Piramal Group. The company is known for its concept based architectures in the commercial, retail and residential sectors.

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