Kolkatta based NBFC, SREI Infrastructure Finance touched a new low yesterday at Rs.70 and then gradually recovered to end the day at Rs.74 levels. The reason for this fall? The company has come under the ministry of corporate affairs scanner for 36 alleged violations of norms laid down by the Act that governs Indian firms, the Companies Act of 1956. The charges range from investments in the stock market without proper guidelines to loans granted without permission from its board of directors, and misappropriation of funds by an employee. The company has refuted these charges and said this is just an enquiry and company would furnish information, they are not formal charges.
Financially, the company’s has done well for the fist quarter ended 30th June 2008. Its income rose, on a YoY by 82%. PBT was up by a whopping 135% and PAT was up 85% atRs.43.20 crore. Its provison for bad and doubtful debts was significantly low at Rs.4.01 crore.
The company is fancied quite a bit on the bourses. It is a part of the consortium of advisors that includes agencies like RITES for the Rs 30,000-crore worth 1,047-km long eight-lane highway project along the river, Ganges. SREI Sahaj e-Village, a subsidiary of SREI is planning to setup 25,000 common service centres to initiate e-governance in rural areas in six states namely West Bengal, Bihar, Orissa, Assam, Uttar Pradesh and Tamil Nadu. The group plans to capitalize on this rural reach. Its telecom subsidiary Quippo builds towers for telecom companies and announced its plan to inject Rs.6750 crore over the next two to three years to set up nearly 25,000 telecom towers, mainly in rural India as the Govt provides a 50% subsidy to companies that are willing to set up mobile towers in rural areas.
It’s a favourite stock of the FIIs as they hold 44.20% stake as against promoters holding of just 25.05%
Financially, the company’s has done well for the fist quarter ended 30th June 2008. Its income rose, on a YoY by 82%. PBT was up by a whopping 135% and PAT was up 85% atRs.43.20 crore. Its provison for bad and doubtful debts was significantly low at Rs.4.01 crore.
The company is fancied quite a bit on the bourses. It is a part of the consortium of advisors that includes agencies like RITES for the Rs 30,000-crore worth 1,047-km long eight-lane highway project along the river, Ganges. SREI Sahaj e-Village, a subsidiary of SREI is planning to setup 25,000 common service centres to initiate e-governance in rural areas in six states namely West Bengal, Bihar, Orissa, Assam, Uttar Pradesh and Tamil Nadu. The group plans to capitalize on this rural reach. Its telecom subsidiary Quippo builds towers for telecom companies and announced its plan to inject Rs.6750 crore over the next two to three years to set up nearly 25,000 telecom towers, mainly in rural India as the Govt provides a 50% subsidy to companies that are willing to set up mobile towers in rural areas.
It’s a favourite stock of the FIIs as they hold 44.20% stake as against promoters holding of just 25.05%
Source: sptulsian.com
