Orient Green Power rises by 5% even as hopes of merger fade

India Infoline News Service | Mumbai | September 08, 2017 13:09 IST

The stock of Orient Green Power shot up by 5% during Friday's trade. There was a surge in share price despite the buzz about the company’s merger talks with IL&FS Wind Energy hitting a roadblock.

The stock of Orient Green Power shot up by 5% during Friday's trade. There was a surge in share price despite the buzz about the company’s merger talks with IL&FS Wind Energy hitting a roadblock.
 
Reports in media suggested that a drop in wind energy tariffs in auctions adversely affected the merger talks after the negotiations began early in the year. The merger between the companies would have resulted in the making of the country’s largest listed wind energy company; however, both the companies are looking for alternate options, said reports.      
 
 
The stock surged by 5.36% to touch a high of Rs 9.23 on BSE on Friday. The stock had hit its 52-week high of Rs 11.99 on BSE on February 3, 2017. Whereas, it had hit its 52-week low of Rs 7.84 on BSE on November 9, 2017.
 
At 1220 hours, the stock was trading at Rs 9.15, up by 4.45% on the BSE on September 8. The stock also witnessed a spurt in its volume by more than 3.53 times on the same day.

***Note: This is a NSE Chart

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