Technically, the stock trades higher than the 20-day and 50-day moving averages but lower than the 5-day, 100-day and 200-day moving averages.
Diversified player Hazoor Multi Projects Ltd (HMPL) has informed exchanges that it has completed a fund-raising exercise by allotting equity shares to non-promoter public investors. The development comes days after the company secured two work orders from the National Highways Authority of India (NHAI) worth around Rs 277 crore. Meanwhile, the stock opened in the green even as the benchmark indices edged lower amid weak global cues. The stock opened at Rs 37.98 against the previous close of Rs 37.31 on the BSE. However, it fell amid a market selloff and dipped to touch the intraday low of Rs 36.53, a fall of 2.09 per cent from the last closing price. Last seen, the stock was trading at Rs 36.75 with a dip of 1.50 per cent from the last closing price. The market cap of the company stood at Rs 843.34 crore.
Technically, the stock trades higher than the 20-day and 50-day moving averages but lower than the 5-day, 100-day and 200-day moving averages.
Allots 37,35,440 new equity shares
The company has allotted 37,35,440 new equity shares consequent to the conversion of 3,73,544 previously issued warrants out of 4,63,100. The equity shares were allotted at an issue price of Rs 30 each and included a premium of Rs 29 per share. This conversion resulted in the company receiving the remaining balance amount of Rs 8,40,47,400.
Hazoor Multi Projects wins Rs 277-crore NHAI projects
Earlier, the infra-to-energy player Hazoor Multi Projects Ltd secured two work orders from NHAI worth around Rs 277 crore. The projects have been secured through the e-tender process, the company informed the exchanges.
The work includes the collection of user fees at the fee plaza sections of highways in Tamil Nadu and Maharashtra, it said on Saturday.
The orders also include upkeep/maintenance of adjacent blocks. The combined value of the awarded projects is Rs 277.40 crore.
HMPL is into renewable energy and building road projects on an engineering, procurement and construction (EPC) basis.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
