Ispat Industries jumped 3.73% to Rs 44.55 at 12:16 IST on BSE after the company's board approved issuing preferential warrants to promoters.
The company made the announcement after market hours on Tuesday, 26 February 2008
Meanwhile, the BSE Sensex was up 233.41 points, or 1.31%, to 18,039.60, tracking advances in Asian markets after weak US economic data and comments from a Federal Reserve official signalled that US interest rates will continue to head lower.
On BSE, 62.30 lakh shares of the scrip were traded. The stock had an average daily volume of 2.07 crore shares shares on BSE in past one quarter.
The scrip had touched a high of Rs 44.90 and a low of Rs 43.50 so far during the day. The stock had hit a 52-week high of Rs 87.40 on 20 December 2007 and a 52-week low of Rs 12.60 on 8 March 2007.
The scrip had underperformed the market in the one month to 26 February 2008, falling 5.08% as against the Sensex's 1.91% decline. It had also underperformed the market in the past three months, falling 2.16% against the Sensex's 5.98% slide.
The mid-cap steel maker has an equity capital of Rs 1222.44 crore. Face value per share is Rs 10.
The company will hold an extraordinary general meeting on 29 March 2008 for obtaining shareholders' approval for the proposed issue of preferential warrants to eligible promoters.
Ispat Industries reported net loss of Rs 36 crore in Q3 December 2007 as against net profit of Rs 17.52 crore in Q3 December 2006. Sales rose 18.5% to Rs 2166.23 crore in Q3 December 2007 over Q3 December 2006.
Ispat Industries, promoted by the Mittals group, is into manufacture of all types of galvanized plain/corrugated steel sheets/strips, coils and sponge iron.
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