Kalyani Steels surges over 15% on heavy volumes

The stock rallied 16% to Rs 289, also its 52-week high on the BSE in intra-day trade.

Kalyani Steels has rallied 16% to Rs 289, also its 52-week high on the BSE in intra-day trade, on the back of heavy volumes, in otherwise weak market.

Till 01:01 pm, a combined 3.6 million equity shares representing 8.2% of total equity of Kalyani Steels changed hands on the BSE and NSE. The S&P BSE Sensex was down 1% at 27,716.

In past eight trading sessions, post April-June quarter (Q1FY17) results, the stock zoom 50% from Rs 189 on July 22, as compared to 0.31% decline in the benchmark index.

Kalyani Steels, which engaged in manufacturing and marketing iron and steel products, reported 62% jump in its net profit to Rs 47 crore in Q1FY17, compared to Rs 29 crore in the corresponding quarter of the previous fiscal. The company's revenues increased 14% to Rs 345 crore.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin expanded 617 basis points at 25.24% compared to 19.07% last year.

Meanwhile, according to Reuters report, an Indian government body has recommended provisional anti-dumping duty on imports of hot-rolled steel products, a government statement said on Tuesday, to reduce overseas purchases of the alloy and shield local mills. LINK