Maytas Infra surges on government initiative

Maytas Infra is currently trading at Rs 56.40, up by 2.25 points or 4.16% from its previous closing of Rs 54.15.

The scrip opened in the red at Rs 52.20 and touched a high of Rs 56.85 with a low of Rs 51.45. In just 5 minutes of trade the stock has witnessed a volume of 3,65,058 shares.

The BSE group B Mid-cap stock of face value Rs 10 witnessed 52 week high of Rs 750 on April 2, 2008 and a 52 week low of Rs 49.25 on February 11, 2009.

The BSE Mid-cap index is currently trading at 2,845.64, down by 0.40% from its previous closing.

The price of the scrip has witnessed a positive change of 8.88% since last week and a correction of 51.79% since last month.

The government has moved the Company Law Board (CLB) seeking supercession of the boards of Maytas Infra and Maytas Properties, the firms controlled by the kin of Satyam founder B Ramalinga Raju.

To ensure properly functioning of the two firms, the government has sought the CLB’s approval to nominate government directors on both companies’ boards.The move was initiated as the biggest lender led by ILF&S has demanded suppression of the board fearing risk of debt the companies owe to them.