MVL surges on plans to buy stake in telecom co
Shares of MVL witnessing intense buying activity after the company approved to buy majority stake in MVL Telecom.
By ET Bureau |
MUMBAI: Shares of MVL witnessing intense buying activity after the company approved to buy majority stake in MVL Telecom.
The board of MVL has taken a strategic decision of acquiring a majority stake in MVL Telecom with an investment of Rs 245 crore. This shall include an initial equity injection of Rs 120 crore, with an additional Rs 125 crore committed to start a manufacturing facility with an annual production capacity of 20 million handsets and components.
At 11:37 am, the stock was at Rs 108, up Rs 14.25 or 15.20 per cent on the NSE. It touched a high of Rs 110 and low of Rs 95.40 in trade so far. Around 11.71 lakh shares were traded in the counter.
The board of MVL has taken a strategic decision of acquiring a majority stake in MVL Telecom with an investment of Rs 245 crore. This shall include an initial equity injection of Rs 120 crore, with an additional Rs 125 crore committed to start a manufacturing facility with an annual production capacity of 20 million handsets and components.
At 11:37 am, the stock was at Rs 108, up Rs 14.25 or 15.20 per cent on the NSE. It touched a high of Rs 110 and low of Rs 95.40 in trade so far. Around 11.71 lakh shares were traded in the counter.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
Stock market update: MVL, SRS among top losers on BSEADVERTISEMENT
