 "CBI clears IRB Infra on RTI activist murder; stock up 3%")
IRB Infrastructure Developers is trading 3% higher at Rs 252 on NSE after Virendra Mhaiskar, the promoter of the company got a clean chit by the Central Bureau of Investigation (CBI) on RTI activist murder.
CBI filed murder case of Mr Shetty a RTI activist who exposed several land scams in Maharashtra on Mr Mhaiskar, promoter of the company on Jan 2010. This hampered the stock to more than 50% on rising issue of corporate governance.
The company’s involvement with the case was due to IRB’s acquisition of around 1,100 acres of land near the Mumbai-Pune Expressway between 2007 and 2010.
This will be positive for the company as the corporate governance issue will be resolved, says analyst at Angel Broking in a client note.
The stock opened at Rs 254 and hit a high of Rs 255 on NSE. A combined 2.27 million shares changed hands on the counter so far on NSE and BSE.
CBI filed murder case of Mr Shetty a RTI activist who exposed several land scams in Maharashtra on Mr Mhaiskar, promoter of the company on Jan 2010. This hampered the stock to more than 50% on rising issue of corporate governance.
The company’s involvement with the case was due to IRB’s acquisition of around 1,100 acres of land near the Mumbai-Pune Expressway between 2007 and 2010.
This will be positive for the company as the corporate governance issue will be resolved, says analyst at Angel Broking in a client note.
The stock opened at Rs 254 and hit a high of Rs 255 on NSE. A combined 2.27 million shares changed hands on the counter so far on NSE and BSE.