Schneider Electric surges 12% after block deals

Shares of Schneider Electric Infrastructure surged 12% to Rs 115 on the BSE in intra-day trade after nearly three percent stake of the company changed hands through block deals.

At 11:46 am; the stock was trading 11% higher at Rs 114, as compared to 0.31% rise in the S&P BSE Sensex. A combined 6.3 million shares representing 2.6% of total equity of the company were traded on the BSE and NSE.

The name of the buyers and sellers were not ascertained immediately.

Schneider Electric Infrastructure, engaged in heavy electrical equipment business, said that the company have positive trend in order book in December quarter (Q3FY18) with Rs 3,906 million orders, 66% up from last quarter and 15% up from the last year same quarter.

The company had reported a net loss of Rs 73 million in Q3FY18, on account of Rs 365 million exceptional expenses mainly consist of provision of doubtful debts for 2015 & 2016.

EBITDA (earnings before interest, tax, depreciation and amortization) margin during the quarter under review improved to 10% from 6.8% in previous year quarter.