IVRCL soars 5% on buzz of favourable decision on merger

Hyderabad-based infrastructure firm IVRCL traded with strong gains Thursday on the buzz that the Andhra Pradesh High Court is likely to approve the merger of IVRCL with IVRCL Assets & Holdings. Investors will get five shares of IVRCL for six shares of IVRCL Assets & Holdings, once the merger is cleared. Analysts said a price arbitrage existed between the two stocks if the merger is approved.At 2 p.m., shares of the two companies trad...