Emami Infra extends Wednesday's sharp rally

Emami Infrastructure surged 5% to Rs 78.85 at 11:53 IST on BSE, with the stock extending Wednesday's rally triggered by the company's tie-up with a real estate company for a project in Mumbai.

Meanwhile, the S&P BSE Sensex was up 117.25 points or 0.4% at 29,284.93. The BSE Small-Cap index was up 138.87 points or 1% at 14,040.79.

On the BSE, 2.56 lakh shares were traded on the counter so far as against the average daily volumes of 16,000 shares in the past two weeks. The stock had hit a high of Rs 82.95 and a low of Rs 78 so far during the day.

Shares of Emami Infrastructure have rallied 25.95% two trading sessions from its closing of Rs 62.60 on 21 March 2017, after the company during market hours yesterday, 22 March 2017 said it has tied-up with Sheth Corp to launch flagship residential project in Mumbai. The stock surged by the 20% upper circuit level to settle at Rs 75.10 yesterday, 22 March 2017.

Emami Group announced that it has pumped Rs 350 crore to join hands with Sheth Corp for 50% partnership in Mulund project.

Sheth Group is a leading developer in the luxury & mid-housing segment of real estate, with a global footprint.

Emami Infrastructure reported net loss of Rs 0.17 crore in Q3 December 2016 as against net loss of Rs 0.71 crore in Q3 December 2015. The company reported total income from operations of Rs 0.24 crore in Q3 December 2016. It did not report any top line for Q3 December 2015.

Emami Infrastructure's primary business is development of residential, commercial and retail properties through its subsidiaries and associates.

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