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Mukand fall nearly 7% in two days

Capital Market 

Mukand slipped 0.59% to Rs 83.60, declining for the second day.

The stock has fallen by 6.59% in two sessions, from its recent closing high of Rs 89.50 recorded on 1 April 2021.

In the past one month, the stock has zoomed 39.98% while the benchmark Sensex has lost 2.48% during the same period.

With reference to recent price movement, Mukand on Monday (5 April) clarified that in the recent past, there have been several internal or external positive developments concerning the company. The company has reduced its debt and other interest-bearing liabilities by more than Rs 975 crore via a promoter backed line of credit; it has completed the first tranche of the sale of 30% stake in Mukand Sumi Special Steel, joint venture company, for Rs 713.61 crore; and it has also transferred approximately 55 acres of the company's surplus leasehold land at Thane for a consideration of Rs 801.51 crore. These updates may have drawn the interest of investors in the company and caused the significant movement and positive impact on share price of the company, it said in a statement.

Mukand is engaged in manufacture of alloy and stainless-steel long products.

The company reported consolidated net profit of Rs 64.53 crore in Q3 FY21 as against a net loss of Rs 66.05 crore in Q3 FY20. Net sales during the quarter rose 23.47% YoY to Rs 797.84 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 06 2021. 13:28 IST