Navkar Corporation cracks 12% as board considers fund raising

NEW DELHI: Shares of Navkar Corporation tumbled over 12 per cent in Tuesday’s trade as the company board is scheduled to meet next week to consider issue of equity shares.

The stock fell 12.44 per cent to hit a low of Rs 185.05 on BSE.

In a note to clients, brokerage HDFC Securities expected the company to report a muted revenue growth for the fourth quarter. The broking firm expects the company to report a 114 basis points YoY in EBIDTA margins for the March quarter, but sees a 19.7 per cent YoY de-growth in profit.

Overall pick-up in EXIM trade, volume growth at Vapi ICD and expected commissioning date for Vapi ICD rail-link will be key monitorables.

Meanwhile, the board of directors of the company will meet next week on Monday to consider raising funds by issue of equity shares and/or such other securities convertible into equity shares.

Navkar Corporation's stock closed at Rs 210, down 0.64 per cent on Tuesday.