Stocks

IVRCL stock gains 3.4%

| | Updated on: Oct 09, 2012

Infrastructure company IVRCL Ltd gained 3.41 per cent at 47.00 in the afternoon trade following news about the Essel Group move to pare its holding in the company.

The Essel Group has been selling its stake in IVRCL. In the past five-six days, the group, which had acquired more than 12 per cent stake in IVRCL about six months ago, has brought its stake down to about one per cent.

There are indications that Essel Group will fully exit the stock. The IVRCL management is happy with the development as it clears the air in the minds of investors and lenders.

IVRCL has recently indicated that it plans to focus on EPC work and stay away from build, operate and transfer (BOT) assets till the regulatory environment and the economic conditions get better.

Published on March 12, 2018

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