Equity Alert: Sical up 2% on plan to sell stake in Ennore terminal
Equity Alert: Sical up 2% on plan to sell stake in Ennore terminal
MUMBAI--11AM--Shares of Sical Logistics were up 2% at 68.70
rupees, but off
the 5% high touched earlier today on news the company plans to sell
26% stake in
Ennore iron ore terminal to MMTC, said dealers and analysts.
So far today, 14,837 shares of Sical have been traded on NSE.
At present, Chennai-based Sical holds 89% in the Ennore terminal,
while
the rest is held by Larsen & Toubro.
"Sical's own balance sheet cannot take on the funding of all its
projects.
By bringing in partners, it can raise funds for the project and it
will also
help bring in more business," said Vikram Suryavanshi, analyst with
Karvy Stock
Broking.
He said the development is positive for the stock, as the company
will now
have to raise less debt to fund the project.
Sical is funding all its projects via a mix of equity and debt in
the ratio
of 1:2. Total investment in the Ennore terminal is envisaged at 5 bln
rupees.
Karvy Stock Broking has a "buy" rating on the stock, with a price
target of
155 rupees.
------------------------------------------------------------------------------
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"Kences1" group.
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to [EMAIL PROTECTED]
For more options, visit this group at
http://groups.google.com/group/kences1?hl=en
-~----------~----~----~----~------~----~------~--~---
