Sadbhav Engg slips after NHAI cancels bidding process

Sadbhav Engineering fell 2.68% to Rs 112.70 at 12:17 IST on BSE after the company said that the National Highways Authority of India has cancelled the bid process of a road project in Tamil Nadu, in which the company was declared successful bidder.

The announcement was made during trading hours today, 15 April 2013.

Meanwhile, the BSE Sensex was up 62.16 points, or 0.34%, to 18,304.72.

On BSE, 133 shares were traded in the counter as against an average daily volume of 51,185 shares in the past one quarter.

The stock hit a high of Rs 116.75 and a low of Rs 112.70 so far during the day. The stock had hit a 52-week high of Rs 156.15 on 5 October 2012. The stock had hit a 52-week low of Rs 103.05 on 4 March 2013.

The stock had outperformed the market over the past one month till 12 April 2013, rising 3.86% compared with the Sensex's 6.76% fall. The scrip had, however, underperformed the market in past one quarter, sliding 12.67% as against Sensex's 7.23% fall.

The small-cap company has an equity capital of Rs 15.09 crore. Face value per share is Re 1.

Last month, Sadbhav Engineering had announced that it was declared the successful bidder in respect of the bid invited by National Highways Authority of India (NHAI). The scope of the work included two-laning with paved shoulder of Karaikudi-Ramanathapuram section National Highway-210 in Tamil Nadu. It was to be executed as design, build, finance, operate and transfer (DBFOT) (annuity) basis.

Sadbhav Engineering's net profit declined 91.1% to Rs 3.73 crore on 51.25% fall in net sales to Rs 353.42 crore in Q3 December 2012 over Q3 December 2011.

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

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