Sunflag Iron up 15% in two days on acquiring 11.89% stake in Lloyds Metals

LMEL on March 16, converted and allotted the 0% 60 million OFCD's in to 60 million equity shares, representing 11.89% in the total voting equity share capital of LMEL to Sunflag Iron.

Shares of Sunflag Iron & Steel hit a new high of Rs 160.85 as they surged 7 per cent on the BSE in Monday’s intra-day trade amid heavy volumes. The stock surpassed its previous high of Rs 150.95, touched on February 20, 2023.

At 09:52 AM; the stock was trading 6.5 per cent higher at Rs 159.60, as compared to 0.85 per cent decline in the S&P BSE Sensex. The average trading volumes at the counter jumped over three-fold. A combined 2.5 million shares changed hands on the NSE and BSE.

In past two trading days, the stock