Market volatility takes toll on Mah Gesco

DALAL STREET SPIKES

The company's stock price dropped 7.2 per cent on Thursday to Rs 702.05, after touching a high of Rs 750.90. Nearly 30 lakh shares changed hands on the BSE.

The stock has fallen 15.5 per cent over the past one week. The fall has been attributed to volatility in the market. There has been news that the government is not planning to put a cap on the number of special economic zones in the country.

Mahindra Gesco's proposal for a SEZ recently got government approval. The company registered a net profit growth of 47.6 per cent to Rs 3.38 crore in Q1 FY07 from Rs 2.29 crore in the corresponding previous quarter.