IVRCL in jubilant mood as Essel Group picks up 10.19% stake

28 Mar 2012

IVRCL is currently trading at Rs. 61.75, up by 1.35 points or 2.24% from its previous closing of Rs. 60.40 on the BSE.

The scrip opened at Rs. 64.40 and has touched a high and low of Rs. 64.40 and Rs. 61.50 respectively. So far 1082245 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 95.55 on 08-Apr-2011 and a 52 week low of Rs. 27.10 on 29-Dec-2011.

Last one week high and low of the scrip stood at Rs. 64.40 and Rs. 55.20 respectively. The current market cap of the company is Rs. 1660.80 crore.

The promoters holding in the company stood at 11.18% while Institutions and Non-Institutions held 42.51% and 46.31% respectively.

Essel Group has acquired 10.19% stake in infrastructure and construction company-IVRCL- a move that would boost the diversified entity's presence in the fast-growing infrastructure space. The Essel Group sees exciting business possibilities to expand its infrastructure portfolio through this investment.

Essel Group operates in the infrastructure space through Essel Infra. It has an order book of Rs 27,000 crore in infrastructure business and the consolidated turnover is about Rs 1,250 crore with six operational projects in India. Essel Group also has presence in packaging, theme parks, wellness services and education.

IVRCL Infrastructures & Projects is engaged into engineering procurement and construction (EPC) activities in India. It conducts operations in 5 sectors namely Water and Environment, Transportation, Buildings, Power and Industrial Structures.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323