Nila Infra announces demerger, stock up 11 per cent
The share price of Nila Infrastructures soared over 11 per cent on the bourses in intraday trade on Thursday as the company announced its plans to demerge its real estate undertaking. The company received directions from the NCLT Ahmedabad bench to hold a meeting for all the stakeholders to approve the demerger of Nila Infrastructures and Nila Spaces (Parmanariday Superstructure).
The company’s board meets on February 13 to approve the third quarter financial results for the fiscal year 2018. The company reported a hike in net profit by 25.67 per cent to Rs. 6.92 crore in the second quarter of the fiscal year 2018. The company’s net sales had also increased by 4.40 per cent in the corresponding quarter. The company’s debt to equity ratio stood at 0.72x for the fiscal year 2017, lower than the previous fiscal years.
Nila Infrastructures hit an intraday high of Rs. 23.35 per share and an intraday low of Rs. 21.45 per share on Thursday. The stock also witnessed a spurt in volume by more than 1.16 times than its average volume on BSE. The stock had hit its 52-week high of Rs. 29.15 per share on December 27, 2017 and its 52-week low of Rs. 14.75 per share on March 7, 2017 on BSE, respectively. At 11:03 hours IST, the stock was trading at Rs. 22.40 per share, higher by 6.67 per cent on BSE.