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GMR Holdings hikes stake in parent co up to 74 pc

This article was posted on Dec 10, 2008 and is filed under Stock News

MUMBAI: GMR Holdings Pvt Ltd, one of the promoter group companies, has hiked its stake in the parent company – GMR Infrastructure – by purchasing 23.7 lakh equity shares of from the open market. GMR Holdings has now 73.56 per cent stake with 1,33,94,33,610 shares of Rs 2 each, GMR Infrastructure said in a filing to the Bombay Stock Exchange today.

The promoter company purchased 10.5 lakh, 3.55 lakh and 9.65 lakh equity shares on December 3, 4 and 5, 2008, respectively.

As in September 2008, the promoter company had 1,333,613,610 shares, representing 73.25 per cent stake in the company as per the data available on the BSE.

Shares of the company were trading at Rs 62.25, up 3.23 per cent on the BSE. Madras Aluminium suspends production * Vedanta Group firm Madras Aluminium company today said after reviewing the business outlook, it has decided to suspend the entire aluminium production with immediate effect.

“In view of continuous fall in London Metal Exchange aluminium prices, the company has reviewed the business outlook for aluminium business and has decided to temporarily suspend the entire aluminium production with immediate effect,” MALCO informed the BSE.

However, the alumina refinery will operate only to cater to other industrial requirements, the filing added.
Further, the company’s power plant will continue to operate and sell power to third parties. Shares of the company were trading at Rs 42.35, up 3.67 per cent on the BSE.

source: Economictimes

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