Pratibha Industries spurts on plan to allot shares to lenders

Pratibha Industries rose 10.87% to Rs 12.95 at 9:35 IST on BSE after the company said its board will meet on 4 January 2017, to consider allotment of shares on preferential basis to the lenders under strategic debt restructuring scheme.

The announcement was made after market hours yesterday, 28 December 2016.

Meanwhile, the BSE Sensex was up 20.62 points, or 0.08%, to 26,231.30.

On the BSE, so far 1.27 lakh shares were traded in the counter, compared with average daily volumes of 2.48 lakh shares in the past one quarter. The stock had hit a high of Rs 13.55 and a low of Rs 12.20 so far during the day.

The stock hit a 52-week high of Rs 48.95 on 6 January 2016. The stock hit a 52-week low of Rs 9.85 on 24 November 2016. The stock had underperformed the market over the past 30 days till 28 December 2016, falling 10.84% compared with the 0.69% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 32.87% as against Sensex's 5.81% decline.

The small-cap company has equity capital of Rs 20.21 crore. Face value per share is Rs 2.

Pratibha Industries announced that a meeting of the board of directors of the company shall be held on 4 January 2017, inter-alia, to consider and approve, the issue and allotment of shares on preferential basis to the lenders of the company under strategic debt restructuring (SDR) scheme.

On a consolidated basis, Pratibha Industries reported net loss of Rs 71.36 crore in Q2 September 2016 as against net profit of Rs 11.71 crore in Q2 September 2015. Net sales declined 62.10% to Rs 328.32 crore in Q2 September 2016 over Q2 September 2015.

Pratibha Industries is engaged in the business of integrated infrastructure solutions.

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