You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

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.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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