SORIL Infra Resources hits the roof

SORIL Infra Resources was locked in 5% upper circuit at Rs 293.60 at 11:05 IST on BSE after the company initiated the process to foray into financial services business.

The announcement was made after market hours yesterday, 12 December 2018.

Meanwhile, the S&P BSE Sensex was up 167.56 points, or 0.47% to 35,946.63

On the BSE, 5,618 shares were traded in the counter so far compared with average daily volumes of 25,000 shares in the past two weeks. The stock opened with an upward gap of 5% at Rs 293.60 and remained stuck at that level so far.

SORIL Infra Resources informed that to participate in the lending opportunities in unserved rural India, the company has initiated the process to foray into financial services business with primary focus on providing financial services in rural India. For this, the company has started the necessary process of acquiring an existing NBFC (subject to necessary compliances and approvals), as wholly owned subsidiary of the company, to undertake lending business in the rural markets.

SORIL Infra Resources reported net profit of Rs 4.24 crore in Q2 September 2018 as compared with net loss of Rs 4.81 crore in Q2 September 2017. Net sales rose 3.8% to Rs 39.29 crore in Q2 September 2018 over Q2 September 2017.

SORIL Infra Resources, formerly Store One Retail India, is engaged in providing management and maintenance of real estate assets, equipment renting services and consultancy services.

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