Business Daily from THE HINDU group of publications
Wednesday, Sep 02, 2009
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Business Daily from THE HINDU group of publications Wednesday, Sep 02, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Stocks
Our Bureau Hyderabad, Sept. 1 The news of IL&FS taking over the management control of Hyderabad-based infrastructure company Maytas Infra Ltd continues to lift the stock to new highs each passing day since a week. The Maytas stock closed the day at Rs 118.40, a gain of Rs 5.60 (4.96 per cent) during the day against the previous close of Rs 112.80. The company had a 52-week high of Rs 539 and a low of Rs 31.40 after the Satyam scam broke out. With IL&FS on Tuesday announcing an open offer to acquire 20 per cent additional stake to take its holding to about 57 per cent in Maytas, the stock seems to be in for more volatility during the next two-three weeks. The company shares gained in the last few days in spite of the company reporting a loss of about Rs 490 crore for the year ended March 31, 2009. However, the company registered a much improved performance for the first quarter of fiscal 2010 pruning down losses to Rs 16 crore. With the new management of IL&FS under control and their top priority being infusion of liquidity, Maytas is bidding for projects along with IL&FS. According to latest shareholding pattern, of the 100 per cent stake in Maytas, the Rajus hold about 23 per cent. IL&FS holds 37 per cent. The rest is with institutions such as IFCI, Sicom and FIIs, mutual funds and the public. Maytas Infra handed over to IL&FS; Rs 55-cr infusion on cards Maytas Infra talks to IL&FS, bankers; to scout for CEO Maytas Infra board to meet BOT partners, lenders Maytas Infra reviews debt revamp plan More Stories on : Stocks | Infrastructure | Satyam Computer Services Ltd
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