SREI Infrastructure Finance had been hitting new lows for the past two consecutive days. Today, it opened in the green and rose to Rs.18.25, rising 3% and remains pretty much perched firmly in the green.
The reason? Its wholly owned subsidiary, SREI Equipment received credit approval worth $ 30 million from FMO, a Netherlands-based development finance bank.
The company said that the loan will be fully dedicated to re-financing of green activities of Srei Equipment, primarily through the financing or leasing of equipment used for solar and wind projects.
Just this news, that’s all that was required for traders to use this to bounce back back today. How long it will be sustainable?