SREI Infra is top gainer

SREI Infra is the top gainer on the BSE currently, going up over 11% to Rs.52.80 and the volumes have spiked up over 4 times. Its 52-week high is at Rs.130.

The stock has spurted up on news that its wholly owned subsidiary, Quippo Oil and Gas Infrastructure has proposed to sell 2,600 equity shares or 26% stake in its step down subsidiary, Quippo Drilling Private Limited (QDIPL) to an overseas entity.

Consequently, QDIPL shall also cease to be a wholly owned step-down subsidiary of the company but shall continue to be a step-down subsidiary of the company.