Sadbhav Engg hits record high

Sadbhav Engineering surged 6.09% to Rs 244.60 at 14:20 IST on BSE after the company said it has signed definitive transaction documents for acquisition of stake from the JV partner in two special purpose vehicles.

The announcement was made during market hours today, 11 September 2014.

Meanwhile, the S&P BSE Sensex was down 17.14 points or 0.06% at 27,040.27.

On BSE, so far 1.15 lakh shares were traded in the counter as against average daily volume of 52,854 shares in the past one quarter.

The stock hit a high of Rs 246.80 so far during the day, which is a record high for the counter. The stock hit a low of Rs 232 so far during the day. The stock had hit a 52-week low of Rs 52 on 16 September 2013.

The stock had outperformed the market over the past one month till 10 September 2014, advancing 11.86% compared with Sensex's 6.82% rise. The scrip had also outperformed the market in past one quarter, jumping 16.15% as against Sensex's 5.76% rise.

The small-cap company has equity capital of Rs 15.19 crore. Face value per share is Re 1.

Sadbhav Engineering said it has signed definitive transaction documents for acquisition of remaining 40% stake in Hyderabad-Yadgiri Tollway (HYTPL) and 24% stake in Mysore-Bellary Highway (MBHPL).

Upon completion of the proposed acquition, subject to receipt of approval from lenders, approval from NHAI, Sadbhav Engineering and/or its subsidiaries will hold 100% of the share capital in HYTPL and 74% of the share capital in MBHPL.

Sadbhav Engineering during market hours on 9 September 2014 said that its board at a meeting held on 9 September 2014, approved raising of funds up to Rs 250 crore through qualified institutions placement. Sadbhav Engineering said it will convene an extra-ordinary general meeting of the shareholders of the company on 4 October 2014 for obtaining the authority/approval of the shareholders of the company for raising funds by way of a qualified institutions placement.

Sadbhav Engineering's net profit jumped 67.3% to Rs 26.99 crore on 21.7% growth in net sales to Rs 685.51 crore in Q1 June 2014 over Q1 June 2013.

Sadbhav Engineering is a construction firm with focus on road, irrigation and mining projects.

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