Indo Tech shares climb on GE deal talk
Indo Tech Transformers clarified that the contents of the article appear to be speculative and the Company is not aware of any such developments and are accordingly denied. Shares of Indo Tech surged despite denying news that GE was eyeing majority stake in the company.
Indo Tech Transformers clarified that the contents of the article appear to be speculative and the Company is not aware of any such developments and are accordingly denied.
Reports had earlier stated that GE India may acquire stake in the Chennai based company for an undisclosed sum.
Indo Tech is a part of the Rs2.4bn Indo Tech Group, the company would get significant portion of revenues by supplying distribution and power transformers to state electricity.
Indo Tech Shares has gone up by 9% to Rs271.50. The scrip has touched intra-day high of Rs274 and low of Rs252.55 and has recorded volume of over 242000 shares on BSE.
source: Indiainfoline
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