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HCC nudges higher on mulling preferential share allotment

Capital Market 

Company rose 1.63% to Rs 34.35 at 10:50 on after the firm said it proposes to hold a board meeting on 2 December 2016, to consider issue of equity and also optionally convertible debentures on preferential basis.

The announcement was made after market hours yesterday, 29 November 2016.

Meanwhile, the S&P Sensex was up 131.10 points or 0.5% at 26,525.11.

On the BSE, 3.95 lakh were traded on the counter so far as against the average daily volumes of 28.59 lakh in the past one quarter. The stock had hit a high of Rs 34.70 and a low of Rs 34.25 so far during the day. The stock had hit a 52-week high of Rs 41.90 on 14 September 2016. The stock had hit a 52-week low of Rs 16.60 on 12 February 2016. The stock had underperformed the market over the past one month till 29 November 2016, declining 7.02% compared with the Sensex's 5.54% fall. The scrip had, however, outperformed the market in past one quarter, surging 46.96% as against the Sensex's 5.41% fall.

The small-cap company has equity capital of Rs 77.92 crore. Face value per share is Rs 1.

Company's (HCC) board at its proposed board meeting on 2 December 2016, would consider issue of equity shares representing 24.44% of the expanded capital and also optionally convertible debentures (OCDs) on preferential basis, to be allotted collectively to the individual lenders. In this context, the company plans to convene an extraordinary general meeting (EGM) for seeking shareholders' approval.

HCC's net profit fell 42.8% to Rs 23.08 crore on 8.2% decline in net sales to Rs 759.03 crore in Q2 September 2016 over Q2 September 2015.

HCC is into infrastructure development in transportation, power and water segments.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 10:43 IST