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Balasore Alloys shines on plans to acquire stake in Zimbabwe Alloys

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Alloys jumped 13.04% to Rs 89.70 at 10:13 on after the company announced that it shall acquire either by itself and/or through its nominees and affiliates, 70% of Alloys.

The announcement was made after trading hours yesterday, 9 January 2018.

Meanwhile, the Sensex was up 14.36 points or 0.04% at 34,457.55. The Small-Cap index was up 75.11 points or 0.38% at 19,986.28.

On BSE, so far 11.84 lakh were traded in the counter as against average daily volume of 6.24 lakh 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.

Alloys said that consequent upon a scheme of arrangement sanctioned by the of on 20 December 2017 received by the company on 8 January 2018, Alloys, by virtue of the scheme being approved by the requisite margins of members and creditors of Alloys (ZAL), shall acquire either by itself and / or through its nominees and affiliates, 70% shares of (ZAL), currently under Judicial Management. holds 19,780 hectares of mining areas in different parts of Zimbabwe, which has proven resources of 72.25 million tones of chrome ore. Chrome, a wholly-owned subsidiary of 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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 10:22 IST
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