TCI gains after board to consider fund raising plans

Transport Corporation of India gained 1.48% to Rs 268 at 10:00 IST on BSE after company said that a meeting of the board of directors of the company will be held on 3 January 2015, to consider the fund raising plans through issuance of equity shares.

The company made announcement after trading hours yesterday, 31 December 2014

Meanwhile, the S&P BSE Sensex was down 39.09 points or -0.14% at 27,454.60.

On BSE, so far 7,847 shares were traded in the counter as against average daily volume of 55,057 shares in the past one quarter.

The stock hit a high of Rs 270 and a low of Rs 265.45 so far during the day. The stock hit a record high of Rs 299 on 18 November 2014. The stock hit a 52-week low of Rs 75.50 on 31 December 2013.

The stock had underperformed the market over the past one month till 31 December 2014, falling 7.9% compared with Sensex's 4.16% fall. The scrip had however outperformed the market in past one quarter, rising 31.03% as against Sensex's 3.26% rise.

The mid-cap firm has equity capital of Rs 14.65 crore. Face value per share is Rs 2.

Transport Corporation of India (TCI) said that board would consider the fund raising plans of the company through issuance of equity shares via any possible conducive route including qualified institutional placement (QIP)/preferential placement/ PE Funds etc. as per applicable SEBI Guidelines.

Transport Corporation of India's net profit rose 63.3% to Rs 21.37 crore on 12.6% rise in total income to Rs 562.70 crore in Q2 September 2014 over Q2 September 2013.

TCI is a multimodal integrated supply chain solutions provider with a global presence.

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