Shriram EPC advances after subsidiary forms JV in Oman

Shriram EPC gained 1.07% to Rs 28.30 at 11:10 IST on BSE after the company said that its subsidiary has considered to establish and incorporate a limited liability company in Sultanate of Oman.

The announcement was made during market hours today, 7 April 2017.

Meanwhile, the S&P BSE Sensex was down 71.96 points or 0.24% at 29,855.38. The S&P BSE Small-Cap index was up 68.97 points or 0.47% at 14,819.94.

On the BSE, 45,698 shares were traded on the counter so far as against the average daily volumes of 41,282 shares in the past one quarter. The stock had hit a high of Rs 28.50 and a low of Rs 27.45 so far during the day.

The stock had hit a 52-week high of Rs 40.80 on 7 November 2016 and a record low of Rs 19 on 8 June 2016. The stock had underperformed the market over the past one month till 6 April 2017, gaining 2.38% compared with Sensex's 3.03% gains. The scrip had also underperformed the market in past one quarter, falling 4.6% as against Sensex's 11.84% rise.

The small-cap company has equity capital of Rs 822.99 crore. Face value per share is Rs 10.

Shriram EPC (FZE) Sharjah has considered to establish and incorporate a limited liability company (LLC) in Sultanate of Oman with a capital of Omani Rial (OMR) 150,000 divided into 150,000 shares of OMR 1 per share with Arken Group LLC.

Shriram EPC (FZE) Sharjah will hold 70% in the capital of the LLC and the registration of the LLC - Shriram EPC Muscat LLC, has been done on 7 March 2017.

Shriram EPC (FZE) Sharjah is a wholly owned subsidiary of Shriram EPC.

Shriram EPC reported net loss of Rs 69.37 crore in Q3 December 2016 compared with net loss of Rs 25.52 crore in Q3 December 2015. Net sales fell 12.9% to Rs 133.35 crore in Q3 December 2016 over Q3 December 2015.

Shriram EPC offers design, engineering, procurement, construction and project management services for infrastructure projects.

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