McNally Bharat Engineering Company is currently trading at Rs. 94.00, up by 0.55 points or 0.59% from its previous closing of Rs. 93.45 on the BSE.
The scrip opened at Rs. 92.60 and has touched a high and low of Rs. 94.00 and Rs. 92.55 respectively. So far 1344 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 111.90 on 01-Sep-2014 and a 52 week low of Rs. 46.60 on 26-Feb-2014.
Last one week high and low of the scrip stood at Rs. 96.85 and Rs. 89.20 respectively. The current market cap of the company is Rs. 290.57 crore.
The promoters holding in the company stood at 32.31% while Institutions and Non-Institutions held 13.55% and 54.14% respectively.
McNally Bharat Engineering Company (MBECL) is reportedly planning to raise around Rs 175 crore through fresh equity issue by the end of this financial year. The company is seeking equity fund to lower its current finance cost.
In 2013-14, more than 50 per cent rise in finance cost had forced the company to report loss. Despite good order book position, slow or delayed payments prompted the company to depend more on borrowing to meet larger working capital requirement.
The promoters BM Khaitan group currently holds upwards of 32 per cent stake in the company. One of the promoter entities, Kilburn Engineering, in September obtained release of pledge over its 2.73 per cent stake in the company. However, IL&FS Financial Services still holds pledge over 14.77 per cent promoters’ stake or voting rights in McNally Bharat.
McNally Bharat Engineering Company is one of the leading engineering companies. It provides turnkey solutions in areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply etc.
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