Jyoti Structure rallies after promoters releases pledge shares

Promoters released 267.303 equity shares pledged with Aditya Birla Money and Future Capital Securities in past two weeks.

Jyoti Structure has rallied over 8% to Rs 48.80 after the company said that its promoters have released part of pledge shares with financial institutions.

"The company has released 267.303 equity shares of the promoter pledged with Aditya Birla Money and Future Capital Securities during October 2012," Jyoti Structure said in a statement. As on September 30, 2102, the promoters had pledge 17.3 million or 76% of their holding, the BSE data shows.

Last week, the heavy electrical equipment maker had received orders worth Rs 254 crore for turn key execution of two transmission lines in Uganda that will connect Uganda's power grid with Kenya and Rwanda.

 

The stock opened at Rs 45.60 and hit a high of Rs 49.45 on the BSE. A combined 968,506 shares have changed hands on the counter so far on both the exchanges.