Prism Cement to invest in JV with QBE International, Australia for General Insurance Business

Prism Cement Ltd has announced that the Board of Directors of the Company at its meeting held on July 19, 2007 has decided, subject to regulatory approvals, to invest Rs 74 crores for a 74% stake in a new joint venture Company with QBE International (Investments) Pty Ltd., Australia. This new joint venture Company would, subject to all regulatory approvals, be engaged in the general insurance business in India.

The stock closed the day at Rs.51.95, up by Rs.2.45 or 4.95%. The stock hit an intraday high of Rs.51.95 and low of Rs.50.25. The total traded quantity was 354365 compared to 2 week average of 1379423.

Source : Equity Bulls

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