Sadbhav Engineering gains after receiving provisional completion certificate for 2 check posts

Sadbhav Engineering rose 3.93% to Rs 66.05 at 15:09 IST on BSE after the company said its SPV has received provisional completion certificate for Omerga and Warud border check posts with effect from 27 September 2013.

The announcement was made during trading hours today, 3 October 2013.

Meanwhile, the S&P BSE Sensex was up 400.41 points or 2.05% at 19,917.56.

On BSE, 3,199 shares were traded in the counter as against average daily volume of 43,731 shares in the past one quarter.

The stock hit a high of Rs 67.25 and a low of Rs 64.70 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 52 on 16 September 2013.

The stock had outperformed the market over the past one month till 1 October 2013, surging 15.55% compared with the Sensex's 4.82% rise. The scrip had, however, underperformed the market in past one quarter, sliding 33.73% as against Sensex's 0.31% fall.

The small-cap company has equity capital of Rs 15.14 crore. Face value per share is Re 1.

Sadbhav Engineering said that the Maharashtra Border Check Post Network (MBCPNL), step-down subsidiary of the company and a special purpose vehicle (SPV) incorporated for the project of "construction, operation and maintenance and modernization and computerization of integrated border check posts at 22 locations in the state of Maharashtra on BOT basis" for a concession period of 24 years and 6 months has been issued provisional completion certificate for Omerga and Warud check post on NH-9 and SH-244 respectively with effect from 27 September 2013. With this, out of 22 border check posts, MBCPNL has received provisional/final completion certificate for 8 check posts, Sadbhav said.

Sadbhav Engineering's net profit declined 69.2% to Rs 16.13 crore on 33.6% growth in net sales to Rs 563.23 crore in Q1 June 2013 over Q1 June 2012.

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

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