Shriram EPC was locked at 20% upper circuit at Rs 39.60 at 15:06 IST on BSE after the company scheduled a board meeting on 4 November 2014 to consider and approve allotment of equity shares on preferential basis to a promoter company.
The announcement was made market hours Thursday, 30 October 2014.
Meanwhile, the BSE Sensex was up 501.79 points, or 1.83%, to 27,850.28
On BSE, so far 1.78 lakh shares were traded in the counter with pending buy orders of 1.55 lakh shares at upper circuit. The stock has an average volume of 26,723 shares in the past one quarter.
The stock hit a high of Rs 39.60 and a low of Rs 34.25 so far during the day. The stock hit a 52-week high of Rs 43 on 27 May 2014. The stock hit a record low of Rs 24.80 on 3 March 2014.
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The stock had outperformed the market over the past one month till 30 October 2014, rising 3.29% compared with 2.69% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 7.32% as against Sensex's 4.83% rise.
The small-cap company has an equity capital of Rs 44.36 crore. Face value per share is Rs 10.
Shriram EPC said that a meeting of the Board of Directors of the company will be held on 4 November 2014 to consider & approve allotment of 3.20 crore equity shares of Rs 10 each at a premium of Rs 40 per share on preferential basis to the promoter company, Shriram Industrial Holdings. Following the allotment of shares on preferential basis, the equity dilution would be 7.21%.
Shriram EPC reported net loss of Rs 55.71 crore in Q1 June 2014 as against net loss of Rs 265.81 crore in Q1 June 2013. Net sales declined 34.7% to Rs 138.75 crore in Q1 June 2014 over Q1 June 2013.
Shriram EPC offers design, engineering, procurement, construction and project management services for power plants.
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