Shah Alloys up 40% in 9 days on settlement with asset reconstruction firm

The stock locked in upper circuit of 5% at Rs 41.25, rallied 40% thus far in March after the settlement with Invent Assets Securitisation and Reconstruction Private Limited (INVENT).

Shares of Shah Alloys are locked in upper circuit for the third straight trading day, up 5% at Rs 41.25 per share on the BSE.

The stock gained in eight out of nine trading sessions of the current month, as compared to nearly 2% decline in the S&P BSE Sensex.

Thus far in March, the stock has surged 40% from Rs 29.45 on February 28, 2018 after the settlement with Invent Assets Securitisation and Reconstruction Private Limited (INVENT).

Shah Alloys on March 1, informed the stock exchange that Bank of Maharashtra and Punjab National Bank, had assigned their entire outstanding debts to INVENT. Subsequently, the company agreed for a settlement with INVENT in respect of credit facilities availed by the it and settled the amount to be paid upto March 15, 2023 and March 15, 2014, respectively.

Till 12:31 pm; a combined 18,947 equity shares changed hands and there were pending buy orders for 97,630 shares on the BSE and NSE. The S&P BSE Sensex was trading 0.74% or 249 points lower at 33,608.