Orbit Corp hits a new high

Orbit Corporation has been on the surge since yesterday. Today too, it currently remains strongly in the green, up almost 4% at Rs.26.10 and this is after having a new high in the morning at Rs.26.70.

The stock is buzzing ever since Morgan Stanley Asia Singapore PTE  stated that it acquired 1.09% stake in the company through block deal on 4th June. Morgan Stanley bought 12.40 lakh shares of Orbit Corporation at Rs 22.2/share on NSE and as against this, IFCI sold 8 lakh shares of Orbit Corp at Rs 20.68/share on NSE.

The company declared its Q4Fy14 numbers on 29th May wherein its loss for the quarter mounted from Rs.10.5 crore in previous Q4 to Rs.83 crore. Its topline also showed a degrowth – slipping from Rs.46 crore to Rs.23 crore (YoY). The company has stated the regulatory issues and structural problems dented its earnings and it took a hit of around Rs.50 core due to stalled projects. Debt on its books currently stands at Rs.50-60 crore. The company has stated that current fiscal, FY15 will be much better than FY14.