IOL Netcom rose 3.22% to Rs 89.70 at 14:00 IST on BSE on reports the company will raise $20 million via global depositary receipts to fund its Internet Protocol Television roll-out plans.
Meanwhile, the BSE Sensex was up 200.66 points, or 1.38%, to 14779.02.
On BSE, 2.12 lakh shares were traded in the counter. The scrip had an average daily volume of 85,603 shares in the past one quarter.
The stock hit a high of Rs 91.20 and a low of Rs 87.05 so far during the day. The stock had hit a 52-week high of Rs 580 on 8 August 2007 and a 52-week low of Rs 58.20 on 9 July 2008.
The small-cap broadband services provider had outperformed the market over the past one month till 4 August 2008, gaining 38.27% compared to the Sensex’s rise of 8.35%. It had, however, underperformed the market in the past one quarter, declining 32.87% compared to Sensex’s decline of 16.09%.
The company has an equity capital of Rs 27.37 crore. Face value per share is Rs 10.
As per reports, the company initially planned to raise money through overseas convertible bonds but changed its plan because of delay in obtaining regulatory clearances.
IOL Netcom reported a net loss of Rs 9.68 crore in Q1 June 2008 as against a net profit of Rs 0.12 crore in Q1 June 2007. Sales rose 88.7% to Rs 3 crore in Q1 June 2008 over Q1 June 2007.
IOC Netcom offers provides broadband services and last year commercially launched Internet Protocol Televison services (IPTV) on the broadband networks of state-owned Mahanagar Telephone Nigam (MTNL) and Bharat Sanchar Nigam.