Orbit Corporation shines on plan to acquire Mazda Construction Company

17 Aug 2012

Orbit Corporation is currently trading at Rs. 46.50, up by 0.15 points or 0.32% from its previous closing of Rs. 46.35 on the BSE.

The scrip opened at Rs. 46.50 and has touched a high and low of Rs. 47.55 and Rs. 46.00 respectively. So far 48,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 68.90 on 22-Feb-2012 and a 52 week low of Rs. 25.00 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 48.15 and Rs. 45.10 respectively. The current market cap of the company is Rs. 529. crore.

The promoters holding in the company stood at 47.5% while Institutions and Non-Institutions held 2.55% and 49.93% respectively.

Orbit Corporation has accepted the recommendation of acquisition committee to make Mazda Construction Company as a subsidiary. Earlier, the company received an approval whereby the board at its meeting held on February 28, 2012, discussed and considered the acquisition of Mazda Construction Company.

Orbit Corporation pursues redevelopment opportunities in the Island city of Mumbai. The company has developed properties spanning over 1.5 million square feet worth several hundred crore, in the prime areas of south Mumbai like Babulnath, Tardeo, Worli, Prabhadevi, Gamdevi.

Related Orbit Corporation Ltd. Links:
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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323