Likhitha Infrastructure trades higher on getting nod to incorporate JV in Saudi Arabia
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Likhitha Infrastructure is currently trading at Rs. 350.20, up by 2.45 points or 0.70% from its previous closing of Rs. 347.75 on the BSE.
The scrip opened at Rs. 350.00 and has touched a high and low of Rs. 359.15 and Rs. 344.30 respectively. So far 31297 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 414.00 on 19-Sep-2022 and a 52 week low of Rs. 236.00 on 22-Jun-2022.
Last one week high and low of the scrip stood at Rs. 372.00 and Rs. 337.60 respectively. The current market cap of the company is Rs. 690.38 crore.
The promoters holding in the company stood at 74.11%, while Institutions and Non-Institutions held 0.10% and 25.79% respectively.
Likhitha Infrastructure has received approval for incorporation of a joint venture company (JV) along with Arabian HAK in Saudi Arabia. The incorporation of the joint venture will help the company to tap into business in the Middle East and other oil and gas exporting countries.
The incorporation of joint venture is subject to the approval of applicable regulatory authorities in India and the Kingdom of Saudi Arabia. The company will hold 50% stake in the JV and the company’s portion of the equity will be subscribed in cash pursuant to Overseas Direct Investment norms of RBI.
Likhitha Infrastructure is engaged in the business of laying gas supply pipe lines and irrigation canals, building bridges over the canals and related maintenance works.
