Uttam Galva hits new high on export deal

DALAL STREET SPIKES

Uttam Galva Steels hit a 52-week high of Rs 52.50 after the company announced that it has closed a $40 million annual exports securitisation deal with Stemcor Pte Ltd, a corporation incorporated in Singapore.

The stock in a subdued market was up 6.3 per cent to close at Rs 50.35. More than 20.5 lakh shares changed hands at the counter on BSE on Wednesday.

Stemcor has agreed to make interest bearing advance payments amounting to $40 million to Uttam Galva Steels and would be buying galvanised coils, galvanised steel sheets (plain & corrugated), cold rolled full hard steel sheets & coils and cold rolled annealed steel sheets & coils equivalent to the above amount, the company said.

Uttam Galva Steels is India's second largest exporter of galvanised products and is poised for a major export thrust. The company is targeting record exports of 4 lakh tonne of steel.