Ramky Infra tumbles as ED to attach unit's assets

The announcement was made during trading hours today, 10 January 2013.

Meanwhile, the BSE Sensex was down 9.88 points, or 0.05%, to 19,656.71.

On BSE, 5.90 lakh shares were traded in the counter as against an average daily volume of 58,269 shares in the past one quarter.

The stock hit a high of Rs 128.50 and a low of Rs 110.40 so far during the day. The stock had hit a 52-week high of Rs 255 on 2 February 2012. The stock had hit a record low of Rs 86.25 on 29 August 2012.

The stock had outperformed the market over the past one month till 9 January 2013, rising 22.68% compared with the Sensex's 1.25% rise. The scrip had, however, underperformed the market in past one quarter, rising 4.09% as against Sensex's 4.65% rise.

The company has equity capital of Rs 57.20 crore. Face value per share is Rs 10.

Ramky Pharma City (India), in which Ramky Infrastructure holds a 51% stake, has received provisional attachment order from Enforcement Directorate on 9 January 2013, for attachment of assets/properties to the tune of Rs 133.74 crore, comprising land and facilities worth Rs 130.54 crore and mutual fund worth Rs 3.20 crore.

The order is in continuation with filing of charge sheet by the Central Bureau of Investigation (CBI) on 8 May 2012, in connection with the disproportionate assets case of Y.S. Jagan Mohan Reddy, President of YSR Congress and son of late Y.S.Rajasekhara Reddy, former Chief Minister of Andhra Pradesh. The CBI had named Ramky Pharma City in its charge sheet linking Y.S. Jagan Mohan Reddy.

Ramky Infrastructure said that the project of Ramky Pharma City (India) is being carried out in accordance with the provisions of the concession agreement executed between Ramky Pharma City (India) and Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and after obtaining the requisite approvals and following the due process of law.

The company said it will take all measures including appealing against this order before the Adjudicating Authority.

Ramky Infrastructure's consolidated net profit fell 19.3% to Rs 35.65 crore on 4.6% decline in net sales to Rs 722.03 crore in Q2 September 2012 over Q2 September 2011.

Ramky Infrastructure, the flagship company of Ramky Group, is an integrated construction and infrastructure development, and management company in India with strategic emphasis on the public-private-partnership (PPP) approach. The company is currently executing projects in various sectors viz. water and waste water, roads, bridges, buildings, irrigation, power transmission & distribution and industrial, with an order book value of around Rs 13000 crore across 23 states and two union territories in India and West Africa making it sectorally and geographically diversified player.

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