Heard on the street: IVRCL gains on talk of Essel Group raising stake

Shares of Hyderabad-based IVRCL jumped 4.6% to Rs 50.80 on Wednesday on speculation that Subhash Chandra promoted Essel Group, which holds 12.27% stake in the company, may raise its stake.

Grapevine has it that the Essel Group through its holding company Asian Satellite Broadcast may acquire 6.23%, or Rs 1.66 crore shares, from HSBC through a block deal in the next few days. While an email query to the Essel Group did not elicit a response, a company spokeswoman said, “We decline to comment on market speculation.”

In March, Essel Group had acquired 10.2% in Hyderabad-headquartered IVRCL through secondary market transactions and subsequently increased it to 12.27%.