Kalyani Steels sees upmove after increasing stake in Lord Ganesha Minerals

Kalyani Steels rose 2.1% to Rs 131.40 at 10:34 IST on BSE after the company said it has increased its equity stake in Lord Ganesha Minerals from existing 50% to 77.50%, making it a wholly owned subsidiary of the company.

The company made the announcement after market hours on Thursday, 1 October 2015.

Meanwhile, the S&P BSE Sensex was up 417.95 points or 1.59% at 26,638.90.

On BSE, so far 7,030 shares were traded in the counter as against average daily volume of 68,502 shares in the past one quarter.

The stock hit a high of Rs 131.70 and a low of Rs 129.30 so far during the day. The stock had hit a 52-week high of Rs 179.10 on 7 November 2014. The stock had hit a 52-week low of Rs 105.50 on 3 June 2015.

The stock had underperformed the market over the past one month till 1 October 2015, sliding 1.76% compared with Sensex's 2.04% rise. The scrip had, however, outperformed the market in past one quarter, surging 17.75% as against Sensex's 6.42% fall.

The small-cap company has equity capital of Rs 21.83 crore. Face value per share is Rs 5.

Kalyani Steels' net profit rose 88.9% to Rs 28.89 crore on 3.5% decline in net sales to Rs 301.34 crore in Q1 June 2015 over Q1 June 2014.

Kalyani Steels is engaged in manufacturing and marketing iron and steel products.

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