Mahindra Gesco moves up on FII exposure nod

DALAL STREET SPIKES

Mahindra Gesco Developers went up 3.15 per cent to Rs 219, backed by the announcement at its annual general meeting, that its shareholders have given nod to FII exposure to 30 per cent from the existing 22.3 per cent.

The scrip was trading at Rs 215.80 at yesterday's closing hours. The promoters currently hold 55 per cent stake in the company. The scrip hit a high of Rs 226.4 and low of Rs 216.9 in intra-day trades.

The counter witnessed solid spurt and has doubled in less than two months, due to the allround boom in the construction sector.

Mahindra Gesco is one of the big players in the organised sector for property development and consultation, catering to MNCs such as Cisco, Ericsson, Heinz, Microsoft and Motorola. It had reported around 80 per cent rise in its net profit and about 60 per cent rise in its net sales.