Ramky Infra hits the roof

Ramky Infra has been very active on the bourses. Over the past few days it has been alternating between hitting the upper circuit and the lower circuit. Today, it has hit the 5% upper circuit at Rs.34.30 the moment it opened for trade.

The stock is up on unconfirmed news that the company is in talks with PE Fund Morgan Stanley and investment group of Ajay Piramal to sell off three of its road assets. It hopes to raise Rs.900  crore from this sale and will be using the money to cut debts.

Its consolidated debt today stands at Rs.2100 crore and the money raised would be used to settle most of its standalone debt.