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      Jyoti Structures spurts after overseas order win

      MoM Team / Mumbai, Dec 21, 2016 09:36 AM IST

        Jyoti Structures spurts after overseas order win

        Jyoti Structures zoomed almost 9 percent  to Rs 11 on BSE, after the company received an order from ESKOM for supply of towers and construction of transmission line.

        The announcement was made after market hours yesterday, 20 December 2016.

        Meanwhile, the BSE Sensex was up 3 points, or 0.01 percent, to 26,311.

        On the BSE, 1.62 lakh shares were traded on the counter so far as against the average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 11.93 and a low of Rs 11 so far during the day.

        The stock hit a 52-week high of Rs 19.40 on 6 January 2016. The stock hit a 52-week low of Rs 8.30 on 6 June 2016. The stock had outperformed the market over the past 30 days till 20 December 2016, rising 3.61 percent compared with the 2.11 percent rise in the Sensex.

        The scrip had, however, underperformed the market in past one quarter, sliding 21.58 percent as against Sensex's 7.72 percent decline.

        The small-cap company has an equity capital of Rs 21.91 crore. Face value per share is Rs 2.

        Jyoti Structures said that the company has received an order from ESKOM, the South African utility, for supply of towers and construction of 765 and 400 kV Masa Ngwedi Transmission line Sec C. The order valued at approximately $15 million is to be executed in 18 months, Jyoti Structures said.

        The project is funded by World Bank. Jyoti Structures is currently executing three contracts for ESKOM in South Africa, the company said. Total value of these contracts is approximately $80 million. In the past, the company has satisfactorily completed three major projects for the same client, it added.

        Jyoti Structures reported net loss of Rs 271.95 crore in Q2 September 2016, higher than net loss of Rs 157.15 crore in Q2 September 2015. Net sales declined 35.02 percent to Rs 276.38 crore in Q2 September 2016 over Q2 September 2015.

        Jyoti Structures is in turnkey/EPC projects in the field of power transmission. The company's main business focus areas are transmission lines, substations and distribution projects.

        The company undertakes turnkey projects on a global scale, offering a complete range of services in design, testing, manufacturing, sourcing, supply and construction with its in-house expertise.

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      Source: Capital Market


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