Star Ferro surges as Sundaram MF purchases bulk shares

Star Ferro and Cement rose 7.13% to Rs 118 at 10:17 IST on BSE after Sundaram BNP Paribas Tax Saver (open ended) Fund bought 15.77 lakh shares of the company via bulk deals at an average price of Rs 103.07 per share on the NSE yesterday, 21 July 2016

Meanwhile, the S&P BSE Sensex was down 7.59 points or 0.03% at 27,702.93.

On BSE, so far 73,000 shares were traded in the counter as against average daily volume of 7,554 shares in the past one quarter. The stock hit a high of Rs 118.70 and a low of Rs 111 so far during the day. The stock had hit a 52-week high of Rs 170 on 23 July 2015. The stock had hit a 52-week low of Rs 96 on 12 February 2016. The stock had underperformed the market over the past one month till 21 July 2016, sliding 0.63% compared with Sensex's 3.35% rise. The scrip had also underperformed the market in past one quarter, declining 10.95% as against Sensex's 7.07% rise.

The small-cap company has equity capital of Rs 22.22 crore. Face value per share is Rs 1.

Promoter Sajjan Bhajanka sold 15.75 lakh shares of Star Ferro and Cement (Star Ferro) at Rs 103.34 per share on NSE yesterday, 21 July 2016. Another promoter Sanjay Agarwal sold 25.25 lakh shares of the company at Rs 103.28 per share.

Sajjan Bhajanka held 7.48% stake and Sanjay Agarwal 8.77% in Star Ferro as per the shareholding pattern as on 30 June 2016.

On consolidated basis, Star Ferro's net profit declined 27.7% to Rs 39.75 crore on 11.2% growth in net sales to Rs 561.65 crore in Q4 March 2016 over Q4 March 2015.

Star Ferro and Cement is engaged in manufacturing of ferro alloys and generation of power.

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