Jindal Drilling saw major buying interest on Friday, after the company announced a consolidation of its drilling business apart from a proposal for acquisition of an offshore rig and participation in tenders in Sudan, Middle East and other countries.
The stock surged 9.94 per cent at the BSE to close at Rs 293.05. More than 8.6 lakh shares changed hands at the BSE on Friday. The stock has been witnessing upsides in the past few months, with the stock moving up from Rs 97 in mid-February to the current levels.
The company on Friday said that it is planning to consolidate and restructure its presence in the drilling business by merging some of the group companies with itself.
The merger is expected to bring in synergies as these subsidiaries are already operating in the same field. The company is also participating in tenders in Sudan, Middle East and other countries for offshore drilling operations for which it may decide on acquiring a land rig.
Jindal Drilling jumps up on consolidation plan
DALAL STREET SPIKES
Our Markets Bureau / Mumbai Sep 03, 2005, 21:47 IST
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