SREI Infra extends Thursday's gains

SREI Infrastructure Finance rose 4.64% to Rs 114.90 at 15:25 IST on BSE, with the stock extending yesterday's gains triggered by announcing signing of a MoU with Vnesheconombank to create an IT and Innovation Fund.

Meanwhile, the S&P BSE Sensex was up 48.70 points, or 0.16% at 31,262.06. The S&P BSE Mid-Cap index was up 40.94 points, or 0.28% at 14,875.36.

On the BSE, 4.58 lakh shares were traded on the counter so far as against the average daily volumes of 5.97 lakh shares in the past one quarter. The stock had hit a high of Rs 115.70 and a low of Rs 110 so far during the day. The stock had hit a 52-week high of Rs 116.40 on 15 May 2017 and a 52-week low of Rs 58.10 on 13 June 2016.

The stock had underperformed the market over the past one month till 8 June 2017, falling 2.27% compared with 3.19% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 20.07% as against Sensex's 7.83% rise. The scrip also outperformed the market in past one year, surging 85.47% as against Sensex's 16.63% rise.

The mid-cap company has equity capital of Rs 503.09 crore. Face value per share is Rs 10.

Shares of SREI Infrastructure Finance had gained 4.22% to settle at Rs 109.80 yesterday, 8 June 2017. The gains were triggered after SREI Infrastructure Finance during market hours yesterday, 8 June 2017 announced that it has signed a Memorandum of Understanding (MoU) with Vnesheconombank to create a $200 million IT and Innovation Fund.

The fund will promote cooperation between India and Russia in the fields of IT technology and innovation. The fund also aims to explore investment opportunities in technology companies in Russia, India and other selected regions.

??Vnesheconombank is a Russian state development institution, which operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment activity.

SREI Infrastructure Finance's consolidated net profit spurted 205.31% to Rs 62.71 crore on 60.07% increase in total income to Rs 1310.41 crore in Q4 March 2017 over Q4 March 2016.

SREI Infrastructure Finance is a leading integrated infrastructure financing conglomerate in India with around $5.5 billion of consolidated assets under its management. The company's businesses including infrastructure finance, advisory and development, infrastructure equipment finance, alternative investment funds, capital markets and insurance broking.

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