Malco hits upper circuit on restructuring plan

DALAL STREET SPIKES

Madras Aluminium Company (Malco) on Monday hit the 20 per cent upper circuit to close at Rs 182.50 after the company announced that its board of directors would meet on September 9 to consider its restructuring proposal. The stock opened 1.84 per cent higher at Rs 155, which was also its low for the day.

The counter witnessed volumes of 4,53,221 shares as against its two-week average of 53,616 shares. Adjusting for the stock split, the scrip had hit a 52-week high of Rs 206 on December 14, 2007, and a 52-week low of Rs 87 on March 24, 2008.