Mumbai, Jan. 1: The Ingersoll-Rand (India) scrip today rallied on rumours that its parent may come out with an open offer.
The scrip, which has been posting gains due to optimism on this front, touched a new high on hopes that the open offer price will be at a decent premium to prevailing market prices.
The share opened at Rs 236, shot up to a dayís high of Rs 247.50, before closing at Rs 239.70, a rise of around 2 per cent over the previous close. The counter saw 372 trades with 10,536 shares being transacted. On Tuesday, the scrip had shot up over 7 per cent to Rs 235.
As on September 30 last year, the parent holds 74 per cent in Ingersoll-Rand, while 17 per cent is with the public and close to 8 per cent with institutions.
Ingersoll-Rand, established in India in 1921, set up its first manufacturing plant in 1965 and became a public limited company in 1977. The company caters to the infrastructure development and industrial solutions sector. Over the last few years, Ingersoll-Rand has developed itself as a Ďcomplete solutions providerí.
The company posted a profit of Rs 9.13 crore in the quarter ended September 30, 2002, as compared with Rs 5.44 crore in the corresponding period last year. Total income increased from Rs 83.11 crore to Rs 108 crore in the quarter. For fiscal 2001-02, the company registered a total sales turnover of Rs 406 crore. It has manufacturing facilities in Ahmedabad and Bangalore.
Ingersoll-Randís parent serves four global growth markets that include climate control, industrial solutions, infrastructure development, and security and safety. Its product lines include air compressors, microturbines, bearings and components, construction and mining equipment, transport temperature control systems and refrigerated display units. The parentís prominent industrial and commercial brands include ABG, Bobcat, Club Car, Hussmann, Schlage and Torrington.