GREG ranked 7th in MPI

Environmental Resources Investments Plc, (ERIP), formerly known as Walker and Greig (GREG) has shot seven notches up in a span of two market days, gaining the seventh place according to Milanka Price Index (MPI) rankings released yesterday.
The firm’s ranking now stands surprisingly even above Sri Lanka’s top blue chips such as Aitken Spence, Distilleries Company of Sri Lanka, John Keells Hotels and Hatton National Bank Plc.
“If the warrants are added, the company would be in third place,” an analyst told the TBL. According to standings on Friday, the firm had mounted three places in the Index and occupied the fourteenth place, our sister publication, The Nation (07.02.2010) had reported.
Market analysts say that the company’s shares have been a pet share for stockbrokers and retailers since the firm announced a rights issue while prices of the company shares have been hardly backed by fundamentals. The company’s share price which stood at Rs.119 a fortnight ago (22.01.2010) has climbed by a staggering 122 percent to Rs. 263.75, according to figures released yesterday. Speculations are rife that GREG will issue another disclosure today. The MPI is one of the principal stock indices of the CSE composed of a select group of 25 stocks, a list which is reviewed each quarter to calculate an index value.