Sadbhav Eng hits a new high

Sadbhav Engineering is currently the top gainer on the BSE in the early morning trades, hitting a new 52-week high at Rs.284.75. Volumes are also robust at over 2 times.

The stock is in the limelight following the company’s subsidiary, Sadbhav Infrastructure filing its draft red herring prospectus (DRHP) with SEBI. It has planned on an IPO< offering some 3.24 crore shares, hoping to raise Rs.600 crore.

Naturally, when this adds value to Sadbhav Engineering and the hope is that existing shareholders will stand to gain an advantage through this IPO from its subsidiary.