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Our Bureau

Kolkata, Sept. 6 An extraordinary income of Rs 103.1 crore for Ingersoll Rand (India), owing to sale of its utility equipment, attachments and bobcat business units to Doosan Infracore of South Korea, could not influence the market valuation of the BSE 500 and mid-cap component on Friday as the price announcement came in after the trading hours.

According to market circles, the generally dormant counter turns active when the market factors in a price sensitive development. This is because of the fact that only 18.03 per cent stake in the MNC controlled company belongs to investors in the non-promoter public category. Out of a total number of around 3.16 crore shares in the Indian outfit, the overseas parent Ingersoll-Rand Co holds roughly 2.34 crore shares (74 per cent stake).

In the past, sale of businesses was promptly priced-in by the market with increase in activity. Ingersoll Rand India Ltd sold off road development business to Volvo India for a consideration of Rs 232 crore in May this year. A few years ago, the company had sold off another business unit to Atlas Copco.

Despite the current sale was pre-determined, after its parent announced sale of these businesses worldwide to the Korean company on July 31, traders have been awaiting price details for domestic businesses. The stock today closed at Rs 345 with a gain of 1.22 per cent with barely 2,486 shares changing hands on the BSE. In the last one month, the stock has moved up by 1.82 per cent.

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