BGR Energy Systems locked in 10% lower circuit; here's why
On Tuesday, after market hours, the company, through an exchange filing, said that its four directors—M. Gopalakrishna, S.A. Bohra, Gnana Rajasekaran, and S.R. Tagat—had tendered their resignations.
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10:53 AM IST
Shares of BGR Energy Systems hit a 10 per cent lower circuit on the BSE at Rs 54.83 apiece on Wednesday (February 28).
As of 9:52 a.m., shares of BGR Energy Systems slipped 8.98 per cent, or Rs 5.47, to Rs 55.45 apiece. The market capitalisation of the company at around the same time stood at Rs 400.14 crore.
The downtrend in the stock can be attributed to two reasons.
1. Resignation of four independent directors with immediate effect
On Tuesday, after market hours, the company, through an exchange filing, said that its four directors—M. Gopalakrishna, S.A. Bohra, Gnana Rajasekaran, and S.R. Tagat—had tendered their resignations.
2. Promoter sells stake
Promoter Sasikala Raghupathy offloaded 50.76 lakh, which implies 3.3 per cent equity shares at Rs 64.95 per share. In February, according to Trendlyne data, Sasikala Raghupathy sold 5,076,571 shares on the NSE for Rs 64.95 per share.
BGR Energy Systems Q3
The civil construction company reported a consolidated net loss of Rs 690.31 crore, compared to a loss of Rs 58.92 crore logged in the year-ago period. The company's revenue from operations in the third quarter stood at Rs 462.16 crore, compared to Rs 246.17 crore in the corresponding period last year.
BGR Energy Systems share: Past performance
In a year, BGR Energy Systems' shares gained over 15 per cent against the Nifty50's rise of over 28 per cent.
About BGR Energy Systems
The company was originally incorporated in 1985 as a joint venture between GEA Energietechnik GmbH, Germany, and the promoter, Mr. B. G. Raghupathy, to manufacture and sell online condenser tube cleaning systems, debris filters, and rubber cleaning balls used in thermal and nuclear power plants.
In 1993, B. G. Raghupathy and members of his family became the sole shareholders of the company and began to expand the range of products and services in the power and oil & gas industries. On June 28, 2007, the company name was changed from GEA Energy System (India) Limited to BGR Energy Systems Limited.
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