Sadbhav Engineering spurts after board's nod for fund raising via QIP

Sadbhav Engineering jumped 7.91% to Rs 225.10 at 15:14 IST on BSE after the company said its board at a meeting held today, 9 September 2014, approved raising of funds up to Rs 250 crore through qualified institutions placement.

The announcement was made during market hours today, 9 September 2014.

Meanwhile, the S&P BSE Sensex was down 57.41 points or 0.21% at 27,262.44.

On BSE, so far 2.61 lakh shares were traded in the counter as against average daily volume of 46,953 shares in the past one quarter.

The stock hit a high of Rs 233.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 211 so far during the day. The stock had hit a 52-week low of Rs 52 on 16 September 2013.

The stock had underperformed the market over the past one month till 8 September 2014, gaining 1.21% compared with Sensex's 7.86% rise. The scrip had also underperformed the market in past one quarter, advancing 0.82% as against Sensex's 7.57% rise.

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

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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