Kalpataru Projects Board to meet on June 10 to mull fund raise; stock up 6%

Kalpataru Projects shares jump: Shares of Kalpataru Projects International Limited (KPIL) rallied as much as 6.46 per cent to hit an intraday high of Rs 1,177.50 per share on Thursday. 

The surge came after the company announced that its board will meet on June 10 to approve raising of funds by way of issuance of Non Convertible Debentures (NCDs) on private placement basis.

In an exchange filing, Kalpataru Projects said, “This is to inform you that subject to receipt of necessary approvals, a meeting of the Executive Committee of the Board of Directors of the Company is scheduled to be held on Monday, June 10, 2024, inter-alia to consider and approve the proposal for the raising of funds by way of issuance of Non-Convertible Debentures on private placement basis.”

Set up in 1981, Kalpataru Projects International Limited (KPIL) is among India's largest engineering and construction firms, publicly listed and renowned for its expertise in a diverse range of sectors. These include power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, urban infrastructure such as flyovers and metro rail systems, highways, and airports. 

With a robust presence in over 30 countries and spanning across 70 nations globally, KPIL is actively involved in executing projects on an international scale. Its enduring success is attributed to strong organisational capabilities, advanced technical proficiency, and unwavering commitment to upholding top-tier sustainability standards.

Financial performance

Kalpataru Projects International profit zoomed 21 per cent to Rs 169 crore in the March quarter of fianancial year 2024 (Q4FY24), from 140 crore in the same quarter last year (Q4FY23), primarily driven by higher revenues.

The total income stood at Rs 5,991 crore in Q4FY24, from Rs 4,896 crore in Q4FY23. 
 

The company's board recommended a final dividend of Rs 8 per equity share of the face value of Rs 2 each for the financial year 2024.

The market capitalisation of Kalpataru Projects is Rs 18,996.45 crore, according to Bombay Stock Exchange (BSE). 

The 52-week high of the stock is Rs 1,369.95 while its 52-week low is Rs 515.40 per share. 

At 10:55 AM, shares of the company were trading 6.04 per cent higher at Rs 1,172.75 per share. By comparison, BSE Sensex was up a little over 1 per cent at 75,144.97.