Ramky Infra zooms on buzz of sale of 3 highway projects

Ajay Piramal group has emerged as the front runner to purchase three highway projects of Ramky Infra

Ramky Infrastructure has zoomed over 12% to Rs 61 after a media report suggested that the Ajay Piramal group has emerged as the front runner to purchase its three highway projects.

According to the report, the Piramal group has signed a nonbinding agreement to buy ownership of Ramky Eslamex Hyderabad Ring Road, Sehore Kosmi Tollways and NAM Expressway.

The Piramal group plans to purchase a majority 51% stake and take management control with an investment horizon of more than six years as part of its strategy to acquire such projects that could see it becoming the country's biggest roads operator, added the report.

The stock has hit a high of Rs 63.70 and a low of Rs 58.25 so far during the day. On BSE, so far 84,000 shares are traded in the counter, compared with an average volume of 19,043 shares in the past one quarter.