SORIL Infra hits the roof

SORIL Infra Resources hit an upper circuit limit of 5% at Rs 663.70 at 10:35 IST on BSE after the company said its board will meet on 6 September 2018, to consider preferential issue of equity shares.

The announcement was made during trading hours today, 3 September 2018.

Meanwhile, the S&P BSE Sensex was down 17.21 points, or 0.04% to 38,295.31.

On the BSE, 2,078 shares were traded in the counter so far compared with average daily volumes of 70,000 shares in the past two weeks. The stock opened with an upward gap of 5% at Rs 663.70 and remained stuck at that level so far, which is also a record high for the counter. The stock hit a 52-week low of Rs 101.50 on 4 September 2017.

SORIL Infra Resources said that a meeting of the board of directors of the company would be held on Thursday, 6 September 2018, to consider and approve the preferential issue of equity shares/convertible securities of the company, to promoter group and/or their persons acting in concert (PACs), and its pricing, and, if so approved, convening of the shareholders' meeting of the company for seeking their approval to the aforesaid.

Net profit of SORIL Infra Resources declined 43.30% to Rs 3.47 crore on 24.36% decline in net sales to Rs 28.10 crore in Q1 June 2018 over Q1 June 2017.

SORIL Infra Resources, formerly Store One Retail India, is engaged in providing management and maintenance of real estate assets, equipment renting services and consultancy services.

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