Hinduja Ventures rises 4% after board approves divestment in Hinduja Energy

Shares of Hinduja Ventures on Friday rose over 4% to Rs 521 after the company said its board has approved disinvestment of stake in Hinduja Energy (India).

The stock hit an intraday high of Rs 521.25, up 4.25% on the BSE in the early trade.

On the BSE, so far nearly one lakh shares traded in the counter, compared with average daily volumes of 3,109 shares in the past one quarter. 

The scrip had hit its 52-week high of Rs 600.70 on 1 November 2016 and has outperformed the market over the past 30 days till 22 December 2016, falling 0.23% compared with the 0.28% fall in the Sensex. The scrip had also outperformed the market in the past one quarter, rising 8.90% against Sensex's 9.38% decline.

Hinduja Ventures said that its board of directors has approved the disinvestment of 4.36 crore equity shares of Rs 10 each held by the company in Hinduja Energy (India), in tranches, as per independent valuation of Rs 31.58 per share to third party.

Net profit of Hinduja Ventures declined 0.04% to Rs 28.19 crore in Q2 September 2016 over Q2 September 2015. Net sales was reported at Rs 51.95 crore in Q2 September 2016. No sales were reported in Q2 September 2015.