Rolta India

Rate sensitive shares are likely to be in focus owing to the RBI policy meet outcome

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against IT firm Rolta India Ltd. A two-member Mumbai bench of the tribunal admitted the plea of -- Value Partner Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund -- claiming a default of around Rs 1,060 crore. The NCLT has also appointed Shailendra Ajmera of the consultancy firm E&Y as the interim professional of the company to complete the Corporate Insolvency Resolution Process. "The debts and default of the corporate debtor (Rolta) have been established and the appliacation deserves to be admitted," said the NCLT. The tribunal has also declared moratorium, prohibiting the lenders of the company to recover any amount the period. Rolta India, the parent company of Rolta LLC and Rolta Americas LLC, had given corporate guarantee for these step down firm, who were the principal borrowers. However, the principal borrowers failed to meet their payment obligations, following .

The rejig announcement helped the stock jump Rs 7.75 or Rs 14.54% to close at Rs 61.05

The stock surged 14% to Rs 62.50 after the company reported 91% jump in profit at Rs 54.30 crore in Q2FY17.

Rolta has missed a $6.8 million interest payment on its 10.75 per cent 2018 unsecured notes, the payment was due on May 16, 2016

GVK Power & Infra, Jaypee Infratech and Sunrise Asian from the BSE500 index hit their respective 52-week lows

The stock dipped 9% to Rs 71 on the BSE after reported 13.7% QoQ decline in net sales at Rs 846 crore in March quarter.

Revenue for the quarter slipped 10.5% at Rs 846 crore from last year's fourth quarter revenue of Rs 946 crore

Both, long-term corp credit rating and that on senior unsecured notes issued by subsidiaries downgraded from B+ to CCC-

The stock soared 15% to Rs 89 on back of an over 10-fold jump in trading volumes.