Sujana Towers has listed at a price of Rs 122.20. The investors in primary market have earned 20% over its base allotment price of Rs 101.85. The stock hit the circuit filter within first few minutes of trade and the price remained Rs 122.20. There were 57,450 shares traded and the stock managed to close at the same level.

The Andhra Pradesh High Court has approved the de-merger between the company and M/s Sujana Metal Products Ltd. The court has further approved the Amalgamation of M/s Sujana Steels Ltd with the Sujana Towers on April 10, 2007. The proposed de-merger will be effective from July’2006.

The current paid up share capital Sujana Metal Products will be split equally between Sujana Towers (STL) and SMPL. Simultaneously, the face value of equity shares of STL and residual SMPL will be reduced to Rs 5 paid up shares each. The current shareholders of Sujana Metals Ltd will get one share of Sujana Towers Ltd and Sujana Metals Ltd.

As the stock closed at circuit filter level today, Technical Analysts expect the stock to perform better in the days to come.