Gayatri Projects clarified on the news item appearing in a leading financial daily titled 'Sembcorp to purchase majority stake in NCC Power for Rs 500 Cr'.
Reacting to the report, the company said, ''The news is not from the company. It was very much mentioned in the article SEMBCORP declined to comment on the same. Gayatri officials have not commented about this transaction in the past or at present to the media.
Generally companies will be looking into various opportunities in the market. Unless and until any proposal is crystallized the news will not be released to the public/ media or exchanges. If we do that it will send wrong signals to the market which will have an impact on the scrip.
It was a buzz in the market. This particular news was not published by the company in the media.
At present the company does not possess any price sensitive information relating to the news item. There may be many rumors in the market, we shall not be responsible for all the market buzz."
Shares of the company gained Rs 0.7, or 1.24%, to trade at Rs 57. The total volume of shares traded was 5,980 at the BSE (2.01 p.m., Friday).