Visa Steel spurts as Cresta Fund purchases bulk shares

Visa Steel was locked at 20% upper circuit at Rs 18.44 at 11:24 IST on BSE after Cresta Fund bought 33 lakh shares of the company at an average price of Rs 15.10 per share from Visa Infrastructure in a bulk deal on the NSE yesterday, 2 December 2015.

Meanwhile, the S&P BSE Sensex was down 135.08 points or 0.52% at 25,982.77.

On BSE, so far 1.92 lakh shares were traded in the counter as against average daily volume of 8,407 shares in the past one quarter.

The stock hit a low of Rs 15.50 so far during the day. The stock had hit a 52-week high of Rs 25 on 9 April 2015. The stock had hit a 52-week low of Rs 13 on 11 September 2015.

The stock had underperformed the market over the past one month till 2 November 2015, sliding 4.53% compared with Sensex's 1.66% fall. The scrip had, however, outperformed the market in past one quarter, gaining 9.79% as against Sensex's 2.61% rise.

The small-cap company has equity capital of Rs 110 crore. Face value per share is Rs 10.

Promoter group entity Visa Infrastructure held 45.58% stake in Visa Steel as per the shareholding pattern as on 30 September 2015. Cresta Fund held 3.79% stake in Visa Steel as per the shareholding pattern as on 30 September 2015.

On consolidated basis, Visa Steel reported net loss of Rs 159.73 crore in Q2 September 2015, higher than net loss of Rs 69.13 crore in Q2 September 2014. Net sales declined 26.5% to Rs 273.91 crore in Q2 September 2015 over Q2 September 2014.

Visa Steel is operating a 0.5 million tonne per annum (TPA) integrated special steel plant, 180,000 TPA ferro chrome plant and 75 megawatt (MW) captive power plant at Kalinganagar in Odisha. The company is also progressing towards establishing a steel plant at Raigarh in Chhattisgarh and plans to set up a steel plant and manganese alloy plant in Madhya Pradesh.

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