Merrill Lynch consolidates stake in Prajay Engg

MUMBAI: Foreign fund house Merrill Lynch Capital has consolidated its stake in real estate firm Prajay Engineers Syndicate to 5.11 per cent at about Rs 1.51 crore.

Merrill Lynch Capital Market Espana SA SV has bought 40,834 shares, amounting to 0.17 per cent in the Hyderabad - based firm on November 28, through open market transaction, Prajay said in a disclosure to the Bombay Stock Exchange.

Calculated on the basis of the closing share prices of Prajay Engineering on November 28, the deal value amounts to Rs 1.51 crore.

Prior to this transaction, Merrill Lynch Capital held 12,39,940 shares, which increased to 12,80,774 shares pursuant to the said consolidation.

Indo Asian Fusegear to foray into cables & wires mfg biz Electrical equipment manufacturer Indo Asian Fusegear Ltd today said it will venture into cable and manufacturing business with an investment of around Rs 100 crore.

The company has promoted a subsidiary company to venture into cables and wires manufacturing business, Indo Asian Fusegear said in a communique to the Bombay Stock Exchange.

Land for the project has already been purchased by the subsidiary company, Indo Asian Fusegear informed.

Shares of the company were trading at Rs 164, up 10.81 per cent, at the BSE in afternoon trade.