Shares of Capacite Infraprojects jumped more than 5 percent on May 8 as the company has bagged orders worth Rs 224 crore from Raymond’s realty division for a residential project.
At 11:11 am, the stock was quoting at Rs 134.25, up 4.39 percent. The scrip was trading with volumes of 22,201 shares, as compared with its five-day average of 12,574 shares, an increase of 77 percent.
YTD, the stock is down over 11 percent.
Capacite Infraprojects is a building construction company having presence in MMR, NCR, Goa, Gandhinagar, Hyderabad, Chennai, Kochi, and Pune with speciatisation in construction of super high rise buildings.
Catch up on all LIVE stock market updates here
In February, the Fitch Group company India Ratings and Research downgraded Capacite Infraprojects’ Long-Term Issuer Rating to 'IND BB+’ from ‘IND BBB+' and placed it on Rating Watch with Negative Implications.
“The downgrade reflects CIL’s inability to tie up enhanced working capital limits, continued blockage of working capital and a delay in recovering its pending receivables, resulting in a further stretch in its working capital,” the rating agency said.
At end-December 2022, the company had an unexecuted order book of Rs 97.6 billion, providing a strong revenue visibility of 7.4 times of FY22 revenue, according to India Ratings and Research. Public sector orders accounted for 67 percent of the order book, with the balance coming from private players, it added.