IL&FS Transportation Networks rose 4.24% to Rs 104.60 at 9:56 IST on BSE after the company said it received in-principle approval from the market regulator for registration of IL&FS Transportation Investment Trust.
The announcement was made after market hours yesterday, 27 September 2016.Meanwhile, the BSE Sensex was up 34.48 points, or 0.12%, to 28,258.18.
On BSE, so far 1.62 lakh shares were traded in the counter, compared with average daily volume of 2.71 lakh shares in the past one quarter. The stock hit a high of Rs 106.40 and a low of Rs 100.50 so far during the day. The stock hit a 52-week high of Rs 109.05 on 21 September 2016. The stock hit a record low of Rs 64 on 26 February 2016. The stock had outperformed the market over the past 30 days till 27 September 2016, rising 41.14% compared with 1.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 37.94% as against Sensex's 5.55% rise.
The mid-cap company has equity capital of Rs 328.96 crore. Face value per share is Rs 10.
IL&FS Transportation Networks said that the Securities & Exchange Board of India (Sebi) has vide its letter dated 27 September 2016 granted in-principle approval for registration of IL&FS Transportation Investment Trust as Infrastructure Investment Trust under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 subject to compliance of certain conditions. The company will act as the sponsor of trust once it is registered.
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IL&FS Transportation Networks reported net profit of Rs 17.87 crore in Q1 June 2016 as against net loss of Rs 18.64 crore in Q1 June 2015. Net sales rose 3.55% to Rs 937.46 crore in Q1 June 2016 over Q1 June 2015.
IL&FS Transportation Networks has grown into the largest BOT (build, operate and transfer) road assets owner in India.
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