Balasore Alloys jumped 13.04% to Rs 89.70 at 10:13 IST on BSE after the company announced that it shall acquire either by itself and/or through its nominees and affiliates, 70% shares of Zimbabwe Alloys.The announcement was made after trading hours yesterday, 9 January 2018.
On BSE, so far 11.84 lakh shares were traded in the counter as against average daily volume of 6.24 lakh shares in the past one quarter. The stock hit a high of Rs 89.90 and a low of Rs 82 so far during the day. The stock had hit a 52-week high of Rs 99.90 on 24 October 2017. The stock had hit a 52-week low of Rs 42.90 on 11 August 2017.
The small-cap company has equity capital of Rs 44.45 crore. Face value per share is Rs 5.
Balasore Alloys said that consequent upon a scheme of arrangement sanctioned by the High Court of Zimbabwe on 20 December 2017 received by the company on 8 January 2018, Balasore Alloys, by virtue of the scheme being approved by the requisite margins of members and creditors of Zimbabwe Alloys (ZAL), shall acquire either by itself and / or through its nominees and affiliates, 70% shares of Zimbabwe Alloys (ZAL), currently under Judicial Management. ZAL holds 19,780 hectares of mining areas in different parts of Zimbabwe, which has proven resources of 72.25 million tones of chrome ore. Zimbabwe Alloys Chrome, a wholly-owned subsidiary of ZAL has a ferro chrome plant.
Balasore Alloys' net profit galloped 81.4% to Rs 21.51 crore on 29.4% growth in total income to Rs 310.10 crore in Q2 September 2017 over Q2 September 2016.
Balasore Alloys, formerly Ispat Alloys, has the flexibility to produce different types of ferro alloys as per market dynamics.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)